COLORADO – The numbers are in! According to data, during the month of January, the first month of recreational pot sales, the legalized industry earned more than $3.5 million in revenue.
Recreational marijuana is taxed in several ways.
- 15% excise tax,
- 10% special sales tax,
- 2.9% sales tax.
Medical marijuana has another 2.9% sales tax.
The Colorado Department of Revenue announced that the total income from the taxes was $2,927,095 and $592,661 came from application and licensing fee revenues.
59 businesses filed a return, only 24 were actually approved to operate on January 1, 2014.
For help with your sales & use tax needs, contact us at: Davis Davis & Harmon LLC.