Colorado earns more than $1 million in marijuana taxes in first - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Colorado earns more than $1 million in marijuana taxes in first month of legalization

NBC News NBC News

COLORADO (WDAM/NBC) - One month after legalizing recreational marijuana, Colorado retailers say they have collected $1.24 million in tax revenue, according to an NBC News survey.

Among those surveyed, some had not been in business for the entire month, some only four days, according to the NBC report.

If sales remain constant, the state could see about $100 million in tax revenue annually, which is higher than the $67 million the state predicted before passing the law. According to NBC News, Colorado took in about $40 million in alcohol tax revenue in 2013.

Each town decides the tax rate for marijuana in that municipality; in Denver the rate is 29 percent. It is not uncommon, said the report, that a pot retailer in Colorado make more than $20,000 a day in sales.

THIS IS A CONDENSED VERSION OF AN NBC REPORT WHICH CAN BE FOUND HERE: http://on.today.com/1gMGrGG

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