Colorado Makes $3.2 Million in Tax Revenue on Legal Cannabis in February

Legal cannabis sales has earned the State of Colorado over $3 million in tax revenue for the month of February alone. This numbercannabismoney represents an increase of roughly $300,000 from the tax revenue earned by the state in January.

Of the $3.2 million collected, $1.43 million came from a special 10% sales tax on recreational cannabis, with $438,253  coming from the state’s standard 2.9% sales tax.

The states 2.9% sales tax on medical cannabis produced $1.02 million in tax revenue in February.

Read moreColorado Makes $3.2 Million in Tax Revenue on Legal Cannabis in February

Colorado Expects Tax Surplus From Legal Cannabis, Considers Refund To Taxpayers

Tens of millions of dollars could be refunded to Colorado taxpayers due to taxes made from legal cannabis sales far exceeded initial estimations.

TheCannabis leaf state’s Office of Legal Services to the Joint Budget Committee released a memo this week stating that if Colorado collects more than $67 million in revenue from pot sales, the overage is required to be refunded to taxpayers, due to the state’s Taxpayer Bill of Rights (TABOR).

The most current Department of Revenue estimate forecasts that the state will take in at least $100 million in taxes for 2014, exceeding the estimate by at least $40 million.

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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.”

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Study: Legalizing Cannabis in Israel Would Result in Nearly Half a Billion Dollars Annually

According to a new report by the Jerusalem Institute for Market Studies, the illegal cannabis market in in Israel is worth nearly a billion dollarsLabor Welfare and Health Committee, and bringing it above ground into a legal market would net the nation over $450 million in both reduced enforcement costs, as well as increased tax revenue.

Over 275,000 people consume cannabis in the past year, researchers found. The study also found that 75% in the country believe cannabis has legitimate medical value. 

Read moreStudy: Legalizing Cannabis in Israel Would Result in Nearly Half a Billion Dollars Annually

New York City Mayoral Candidate Announces Plan to Legalize Cannabis

New York City’s Comptroller John Liu, who’s currently running for mayor, has proposed a drastic overhaul of the city’s cannabis policies, calling for both the legalization of medical cannabis, as well as the legnycalization of cannabis for recreational purposes. According to John Liu, who recently commissioned a report on the issue, the city would raise over $400 million in annual revenue if it were to legalize cannabis with a 20% excise tax.

Liu claims that, according to this report, New York City has a $1.65 billion annual cannabis market.

Read moreNew York City Mayoral Candidate Announces Plan to Legalize Cannabis