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

This weekend in entertainment history

janetjustin

A look back at some of the biggest headlines to ever come out of Hollywood.

in Music

This week’s top alternative tracks

hozier

LISTEN: This week's top alternative songs, according to the weekly Billboard chart.

in Entertainment

It’s a dog-eat-dog world at the 2015 Puppy Bowl

17-overlay3

It's Ruff versus Tuff in the 11th annual football game of puppy power!

in Entertainment

Nickelodeon latest to offer streaming service

nickelodeon

Good news for "SpongeBob SquarePants" fans.

in Sports, Viral Videos

WATCH: 4 unforgettable Super Bowl halftime shows

14-overlay1

Four of the most memorable Super Bowl halftime shows ever.