News

Colorado sees ‘pot’ of gold in marijuana sales

Colorado sees ‘pot’ of gold in marijuana sales

HIGH PROFITS: Colorado is raking in the dough from pot sales. Photo: Associated Press

DENVER (AP) — In the world’s first accounting of a recreational pot industry, Colorado officials say the state has made roughly $2 million in marijuana taxes in January, the first month of sales.

The tax total reported Monday by the state Department of Revenue indicates $14.02 million worth of recreational pot was sold. The state collected roughly $2.01 million in taxes.

The state legalized pot in 2012, but the commercial sale of marijuana didn’t begin until January.

Washington state sales begin in the coming months.

The taxes come from 12.9 percent sales taxes and 15 percent excise taxes. Voters approved the pot taxes last year. The first $40 million of the excise tax must go to school construction.

Colorado has about 160 state-licensed recreational marijuana stores, though not all were open in January.

Latest Headlines

in Entertainment

Today in entertainment history: Oct. 31

phoenix

A look back on some of Hollywood's most memorable moments.

in Entertainment

REVIEW: ‘Birdman’ could be the best film of 2014

In this image released by Fox Searchlight Pictures, Michael Keaton portrays Riggan in a scene from "Birdman."

You’ve heard the buzz for Michael Keaton's "Birdman." It’s loud and it's merited.

in Sports, Viral Videos

Nike hype video welcomes LeBron back to Cleveland

14-overlay4

The video huddles the whole city as "The King" returns home.

in Entertainment

PHOTOS: 31 adorable pets in Halloween costumes

Bailey Jarrett and her dog Teddy visit a Dallas-area PetSmart store on Oct. 25, 2014, for the company's annual in-store Halloween event. The event took place at all PetSmart locations throughout the U.S., Canada and Puerto Rico.

This Halloween is going to the dogs... and cats, ferrets, and bunnies.

in Entertainment

Apple CEO Tim Cook: ‘I’m proud to be gay’

timcook

Cook wrote a column published on Thursday and said he hopes that his declaration can help others.