Mar 10, 2014 7:02 PM by Maddie Garrett
We're getting a first look at just how much money marijuana sales are generating in Colorado. The Department of Revenue reported that in January 2014, the State brought in almost $3 million in total tax revenue, that includes retail and medical marijuana sales. Fees for retail and medical marijuana totaled $592,661.
Marijuana is taxed several ways, including a 15% excise tax on retail marijuana, a special 10% sales tax on retail marijuana, and a 2.9% regular sales tax on both medical and retail marijuana. There are also fees for both businesses. $2.1 million of the taxes and fees in January are from retail marijuana sales.
"The first month of sales for recreational marijuana fell in line with expectations," said Barbara Brohl, Executive Director of the Department of Revenue. "We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts."
By the end of January 59 businesses had filed a return, and those are the businesses included in this report. But by mid-February, 163 recreational marijuana shops are operating in Colorado.
Here's a breakdown of the numbers for January alone:
Retail excise tax: $195,318
Retail special tax: $1,401,568
Medical 2.9% sales tax: $913,519
Retail 2.9% sales tax: $416,690
Total tax revenue: $2,927,095
Retail marijuana fees: $96,300
Medical Marijuana fees: $496,361
Total fees revenue: $592,661
Total Revenue: $3,519,756