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Published on Wednesday, March 12, 2014

Colorado sees $2 million in first month of recreational marijuana tax revenue

Colorado Department of Revenue reported $2 million in tax revenues for the first month of recreational marijuana sales. This is a reflection of over $14 million in recreational sales. By comparison, medical-marijuana which is also taxed, brought in $900, 000 in tax revenue for the same month.

Colorado and Washington are the first states to address recreational marijuana sales. AWC has developed a side-by-side comparison of the two state’s laws.

Washington’s Economic and Revenue Forecast Council projects $51.2 million in tax revenue for the 2015-17 biennium. This is an average of $2.1 million per month over the two-year period starting in July of 2015. However, the Liquor Control Board anticipates the first retail sales taking place when stores open this summer. These sales will likely increase as more businesses open state-wide. Recreational marijuana is subject to excise tax as well as local and state sales and use tax.

AWC and other partners are working hard to secure a portion of funding from marijuana revenues and to reconcile the medical and recreational markets. Session is scheduled to end Thursday, March 13.