Huffpost Business
Matt Ferner Headshot

Colorado Collects More Than $20 Million From Marijuana Sales

Posted: Updated:

Colorado has raked in nearly $22 million from marijuana taxes, licenses and fees this fiscal year, according to state Department of Revenue data released Thursday.

During the first three months of recreational marijuana sales, Colorado's cumulative revenue from tax and licensing fees for both medical and recreational marijuana has reached $12.6 million.

The state has reaped $7.3 million from recreational marijuana taxes alone in the first three months since the first legal sales began on Jan.1.

Sales of recreational marijuana were nearly $19 million in March, up nearly one-third from about $14 million in February, according to state figures.

Despite the historic law, medical marijuana -- legal in Colorado for years -- continues to vastly outsell recreational pot. March medical marijuana sales were about $34 million.

Gov. John Hickenlooper (D) said in February that he expected combined sales from legal medical and recreational marijuana in the state to reach nearly $1 billion, and forecast the state would collect about $134 million in taxes and fees during the fiscal year that begins in July. Citing uncertainty in the marijuana market, Hickenlooper last month scaled backed those predictions, saying he now expects the state to collect about $114 million in taxes and fees.

More marijuana dispensaries continue to open. As of May 1, about 200 marijuana dispensaries were licensed, according to the state Department of Revenue.

CLARIFICATION: An earlier version of this story implied that Colorado's $22 million tax haul was only from the first three months of the year, when that figure reflects the fiscal year totals. The story has been edited to make that clear.

Also on HuffPost:

Close
Top 50 Most Influential Marijuana Users
of
Share
Tweet
Advertisement
Share this
close
Current Slide

Suggest a correction

Around the Web

Department of Revenue:Colorado Marijuana Tax Data - Colorado.gov

Colorado gets $2 million from marijuana taxes - Mar. 10, 2014

It's No Toke: Colorado Pulls In Millions In Marijuana Tax Revenue ...

Colorado legalized marijuana tax revs ahead of expectations ...

Colorado raises $2M in first month of marijuana taxes - 9News

Colorado marijuana tax revenues total $3.2 million in February - The ...

Colorado marijuana taxes net state $2 million | Fox News

Colorado Approves First Marijuana Banking System

Medical Marijuana is Still the Best Deal on Pot in Colorado

Colorado legalized marijuana tax revs ahead of expectations: Moody's

Colorado budget committee OKs cautious plan for marijuana tax money