Colorado reaps $2.1 million in taxes, fees in first month of recreational pot

DENVER Mon Mar 10, 2014 7:53pm EDT

1 of 2. A bag of marijuana being prepared for sale sits next to a money jar at BotanaCare in Northglenn, Colorado December 31, 2013.

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DENVER (Reuters) - Sales of recreational marijuana products in Colorado added more than $2.1 million to state coffers in tax receipts and other fees in the first month retail sales of the drug were allowed, state figures showed on Monday.

The figures, which the Colorado Department of Revenue said were in line with expectations, add to just over $1.4 million collected in taxes and fees on medical marijuana in the state in the same month.

The figures for recreational marijuana include revenues from a 2.9 percent sales tax, a special 10 percent tax on retail pot sales and a 15 percent excise tax imposed on growers, as well as licensing fees, the department said in a statement.

"We expect clear patterns will emerge by April and plan to incorporate this data into future forecasts," said Barbara Pohl, executive director of the department.

Voters in Colorado and Washington state legalized the possession and use of small amounts recreational marijuana by adults age 21 or older in 2012, even as marijuana remains an illegal narcotic under federal law.

Colorado opened its retail pot shops in January, and Washington is slated to follow suit later this year.

(Editing by Cynthia Johnston and Cynthia Osterman)

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Comments (15)
BoozerMcSmurf wrote:
This brings new meaning to the axiom: a fool and their money shall soon depart.
These idiots are paying $400-$700 for an OZ of weed + tax for pot they can buy off the streets for $100-$200 OZ.

Mar 10, 2014 7:13pm EDT  --  Report as abuse
BoozerMcSmurf wrote:
This brings new meaning to the axiom: a fool and their money shall soon depart.
These idiots are paying $400-$700 for an OZ of weed + tax for pot they can buy off the streets for $100-$200 OZ.

Mar 10, 2014 7:13pm EDT  --  Report as abuse
BoozerMcSmurf wrote:
This brings new meaning to the axiom: a fool and their money shall soon depart.
These idiots are paying $400-$700 for an OZ of weed + tax for pot they can buy off the streets for $100-$200 OZ.

Mar 10, 2014 7:13pm EDT  --  Report as abuse
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