The US state of Colorado is raking in taxes on its legalised sale of cannabis.
In January, the first month of sales, $2 million landed in the state government’s coffers. Another $1.5 million in tax was collected from medical sales of the drug.
During the same month, $2.7 million came in from tax on alcohol.
Total sales in January amounted to more than $14 million.
Colorado was the first state to allow cannabis to be sold legally for recreational use. It has been described as the world’s first full regulated recreational cannabis market. Washington state plans to follow shortly and other states are scrutinising developments.
Earlier estimates from the Governor’s office suggested that the tax raised on recreational sales would be higher ($117.8 million for the year), but access may have been a difficulty.
On opening day, 24 businesses were ready for business but by the end of the month, 59 were opened. The number has now risen to 167 and is expected to continue growing.
The first $40 million in tax revenue will be devoted to building schools.
Comments
People will pay up with a smile on their faces.