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.

Recent Headlines

in Viral Videos

WATCH: Mime through time

19-overlay

A hilarious and very well costumed musical journey through time.

in Music

Cynthia Lennon, John Lennon’s first wife, dead at 75

cynthialennon

The first wife of the former Beatle, and mother of Julian Lennon, has reportedly died after a brief battle with cancer.

in Music

Ringo Starr credits McCartney for upcoming Rock Hall induction

ringostarr

The drummer will be inducted into the Hall of Fame as part of the Class of 2015 this month.

in Music

Led Zeppelin releases interactive music video

ledzepvideo

The video contains archival footage of the band and allows users to go inside the building pictured on the front of the "Physical Graffiti" album.