PROVIDED BY CNNNEXT.COM
Published on Mar 16, 2015
"Colorado collected $2.3 million in excise taxes on the sale of recreational marijuana during the first month of 2015, 10 times the tax revenue generated in January last year.
The 15% retail marijuana excise tax, which goes toward public schools and construction fees, earned exactly $2,332,843 in January 2015, according to a monthly report released by the state’s Department of Revenue.
Last year, during the first month of sales, the school fund totaled $195,318.
Residents voted in November 2013 for an aggressive 10% sales tax and a 15% excise tax on recreational marijuana sales.
Medical and recreational cannabis-related revenue also comes from a standard sales tax, as well as license fees.
Marijuana-related revenue not allocated to the school fund goes towards such things as substance abuse programs, medical research, and police training."
