Colorado's 2014 taxes on recreational pot come in at $44M
DENVER (AP) -- Colorado finally knows how much tax revenue it collected from recreational marijuana in the first year of sales, and the haul was below estimates -- about $44 million.
The year-end Colorado tax report was made public Tuesday. Colorado is the first government anywhere in the world to regulate marijuana production and sale, so other governments are watching closely.
Colorado's total haul from marijuana for 2014 was about $76 million. That includes fees on the industry, plus pre-existing sales taxes on medical marijuana products. The $44 million represents only new taxes on recreational pot.
Those new taxes were estimated to bring in about $70 million. Budget writers say the tax report shows marijuana isn't having a major effect on a multibillion state budget.