Colorado Collects $2m In Marijuana Taxes In January

henrihendricks

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Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it. -Reagan

The US state of Colorado collected $2m (£1.2m) in taxes from newly legalized recreational marijuana businesses in January.

Colorado became the first US state to legalize the commercial sale of cannabis in 2012, and stores opened for business on 1 January 2014.

In total, 59 marijuana firms filed tax returns on an estimated $14m in sales. Overall, the state collected a total of $3.5m in marijuana taxes if medical marijuana firms are included.

Marijuana model?

The money is earmarked for youth prevention services, substance abuse treatment, and public health, according to a plan proposed by Colorado Governor, John Hickenlooper.

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