Colorado collected more than $3.5 million in taxes and fees from both recreational and medical marijuana sales in January, according to figures released today by the state's Department of Revenue, with more than $2 million coming from the sale of recreational pot, the Associated Press reported.
Colorado became the first state where recreational pot went on sale on January 1, according to the AP. Washington is the only other state with legal recreational pot, which is expected to go on sale this summer.
The first month of recreational sales falls in line with expectations, said Barbara Brohl, executive director of the Colorado Department of Revenue, in a statement, the AP reported.
"We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts," Brohl said, according to the AP.
The department said it expects variability in revenue collections during the initial months of sales, due to factors like local approval of licenses and the potential that the novelty of legal pot could wear off, the AP reported.
By the end of January, 59 businesses had filed a tax return for recreational pot to the state, according to the Department of Revenue, the AP reported.The number of businesses offering recreational pot is growing. As of mid-February, Colorado had 163 retail stores.
Colorado voters approved a 15% excise tax on marijuana producers to pay for school construction, and a 10% special sales tax on consumers, according to the AP. The state legislature has the option to increase the special sales tax to as much as 15% in future years.
Last month, a budget proposal from Colorado Governor John Hickenlooper estimated that total pot sales next fiscal year would be about $610 million, the AP reported.
The first days of sales in Colorado were met with hours-long lines and worldwide media attention, according to the AP.
