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Colorado Earns $2 Million in Tax Revenue in First Month of Retail Sales

After the financials came in for the first month of legal retail sales of recreational marijuana in Colorado, the state enjoyed a tax revenue of over $2 million.

The cannabis taxes come from a 12.9 percent sales tax and a 15 percent excise tax. Voters approved the taxes last year. They said that the first $40 million of the excise tax must go toward school construction; the rest will be spent by state lawmakers.

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

Article Link: http://www.forbes.com/sites/kellyphillipserb/2014/03/11/its-no-toke-colorado-pulls-in-millions-in-marijuana-tax-revenue/