A New Kind of ‘Bake Sale’ for Schools – Colorado Collects Millions in Pot Taxes
Figures are in for taxes and fees collected from legalized marijuana sales in January in Colorado and they are quite impressive at $3.5 million for the first month of recreational pot sales.
The roughly $14 million dollars from pot sales was taxed at 12.9% for sales tax and 15% for excise tax. School construction is the beneficiary of the first $40 million earned through the excise tax.
7 News reports that of the $3.5 million, $2.1 million came from recreational marijuana and the remaining $1.4 million from medical marijuana.