DENVER — The state Department of Revenue released data on recreational and medical marijuana Monday saying the state earned about $3.5 million in January.
The state earned about $2.9 million in total tax revenue and $592,000 in fees.
“The first month of sales for recreational marijuana fell in line with expectations,” said Barbara Brohl, executive director of the Department of Revenue, in a statement. “We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts.”
Denver county had the highest combined state sales tax revenue with $984,000 and $442,000 in medical marijuana sales tax. Summit County was second in retail sales tax and El Paso County was second in medical marijuana sales tax.
Marijuana became legal to buy in Colorado in January for anyone over 21. Marijuana for medical use has been legal since 2000.
What happens to much of that money remains an open question. Aside from $40 million or so set aside for school construction, lawmakers will have discretion on how the money is spent.
Hickenlooper has already come out in favor of spending a large chunk of the cash on youth anti-drug campaigns and other priorities, but this plan is just one of many.
|Retail 15% Excise Tax||$195,318|
|Retail 10% Special Sales Tax||$1,401,568|
|Medical 2.9% Sales Tax||$913,519|
|Retail 2.9% Sales Tax||$416,690|
|TOTAL TAX REVENUE||$2,927,095|
|Retail Marijuana Fees||$96,300|
|Medical Marijuana Fees||$496,361|
|TOTAL FEE REVENUE||$592,661|