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A New Kind of ‘Bake Sale’ for Schools – Colorado Collects Millions in Pot Taxes

ThinkStock, Doug Menuez

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.

Source: The Colorado Department of Revenue

Fort Collins to Allow Recreational Pot

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