After marijuana sales became legal on Jan. 1, Colorado State has reportedly raked in about $2 million off taxes from just recreational users in the first month.
According to the Associated Press, the state Department of Revenue officials reported Monday that the tax total indicates $14.02 million worth of recreational pot was sold and the state collected about $2.01 million in taxes.
Despite purchases being limited to only one ounce for those 21 and older, state officials said the numbers came in as expected. Recreational marijuana has a 15 percent excise tax and 2.9 percent sales tax in the state. When combined with taxes and fees from marijuana sells, the state brought in a total of $3.5 million in January from pot sales.
The AP reported that the first "$40 million of the excise tax must go to school construction," some of the tax money is being spent on campaigns and treatment programs, an effort to convince kids to avoid smoking pot. The remaining cash will be "spent by state lawmakers."
Colorado legalized pot in 2012 and voters approved the pot taxes last year. Colorado became the first state to permit the selling of non-medicinal pot.
The Rocky Mountain state has about 160 state-licensed recreational marijuana stores. Only 24 stores were ready to sell by the start of the year, due to licensing issues. Several places have become creative with the selling of marijuana, baking it to pastries and treats.
