Colorado made $4.4 million in pot tax in first month
Published on Mar 11, 2014 7:47 AM
LOS ANGELES (AFP) - Marijuana sales in Colorado brought in US$3.5 million (S$4.4 million) in tax revenues and fees in the first month retail pot outlets were allowed.
The figure included US$2.9 million in taxes for recreational and medical marijuana in the month of January, and nearly US$600,000 in fees, said Colorado's Department of Revenue on Monday.
The Rocky Mountain state had legalised pot in 2012, but made drug history on Jan 1 by inaugurating retail sales of marijuana for recreational use. It levies a 15 per cent excise tax and a 2.9 per cent sales tax.
"The first month of sales for recreational marijuana fell in line with expectations," said tax department chief Barbara Brohl, while cautioning that the size of the industry might take a few months to become clear.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!