Colorado saw $2 million in recreational marijuana taxes in January

The Denver Post
Monday, March 10, 204

Colorado saw $2 million in recreational marijuana taxes in January

By John Ingold

Colorado collected slightly more than $2 million in taxes on the sale of
recreational marijuana in the month of January, according to new figures
released by the state Monday.

The numbers are the first official tally of the historic January sales,
themselves a nationwide first. If the figures remain at that pace, sales and
tax revenues would fall below previous estimates of what Colorado could reap
from the sale of marijuana.

In January, Colorado collected $1.4 million from a special 10 percent sales
tax on recreational marijuana, plus another $416,690 from the state's
standard 2.9 percent sales tax, according to a news release Monday from the
Colorado Department of Revenue. Extrapolating from those figures,
recreational marijuana businesses did slightly more than $14 million in
retail sales during the month.

Most of the tax revenue came from stores in Denver, and the city reported it
collected $616,282 in local sales taxes from recreational marijuana sales in
January. In addition, the state will share $128,586 with the city from
statewide collections.

Recreational marijuana businesses paid $195,318 in excise tax during
January, which will be put toward school construction.

In total, 59 recreational marijuana businesses filed returns in January .

Both Gov. John Hickenlooper's budget office and legislative analysts have
predicted recreational sales for the first six months of 2014 would top $190
million.

The industry's swelling ranks - plus a state rule that exempted some early
marijuana transfers from excise tax - mean monthly tax totals may rise as
the year goes on. Barbara Brohl, head of the state Department of Revenue,
said it could be April before collections stabilize.

"We expect clear revenue patterns will emerge by April and plan to
incorporate this data into future forecasts," she said in a statement.
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