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Colorado Earned $3.5 Million from Recreational Cannabis Taxes and Fees in January

New data released by the State of Coloradocannabismoney shows that over $3.5 million in tax revenue and licensing fees were garnered from recreational cannabis sales in January alone, the first month such sales were legal. This is the first official data released regarding legal cannabis sales in Colorado.

“The first month of sales for recreational marijuana fell in line with expectations,” says Barbara Brohl, Executive Director for the Department of Revenue. “We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts.”

Denver County by far brought in the highest tax revenue from legal cannabis sales with $985,407 ($728,651 through the voter-approved 10% special sales tax, and $256,756 from the 2.9 percent sales tax).; Summit County was the next highest with $145,581.

This revenue was earned from just 59 businesses. In total $14.02 million worth of recreational cannabis was sold.

The first $40 million earned in tax revenue from the new legal cannabis industry will go to school construction.

TheJointBlog

About Anthony Martinelli

Anthony, co-founder and Editor-in-Chief of TheJointBlog, has worked closely with numerous elected officials who support cannabis law reform, including as the former Campaign Manager for Washington State Representative Dave Upthegrove. He has also been published by multiple media outlets, including the Seattle Times. He can be reached at TheJointBlog@TheJointBlog.com.

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