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WZTV - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Colorado Collects $2M In Marijuana Taxes, Tennessee Next?

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DENVER (AP) Colorado made roughly $2 million in marijuana taxes in January, state revenue officials reported Monday in the world's first accounting of the recreational pot business.


The tax total reported by the state Department of Revenue indicates $14.02 million worth of recreational pot was sold from 59 businesses. The state collected roughly $2.01 million in taxes.

ALSO READ: TN House Subcommittee To Examine "Koozer-Kuhn Medical Cannabis Act."


Colorado legalized pot in 2012, but the commercial sale of marijuana didn't begin until January. Washington state sales begin in coming months.


The pot taxes come from 12.9 percent sales taxes and 15 percent excise taxes. Including licensing fees and taxes from Colorado's pre-existing medical marijuana industry, the state collected about $3.5 million from the marijuana industry in January.


That's a relative drop in the bucket for Colorado's roughly $20 billion annual budget, but still a windfall that has numerous interests holding out their hands. By comparison, Colorado made about $2.7 million in liquor excise taxes in January of last year. Statewide liquor receipts for January 2014 were not yet available Monday.


Colorado tax officials say the January marijuana reports were in line with expectations, though they repeatedly said before the figures were reported that they couldn't guess what tax receipts would be.


Monday's tax release intensified lobbying over how Colorado should spend its pot money. Budget-writers expect the nascent marijuana industry to be extremely volatile for several years, making lawmakers nervous about where to direct the funds.


Gov. John Hickenlooper already has sent the Legislature a detailed $134 million proposal for spending recreational and medical marijuana money, including new spending on anti-drug messaging to kids and more advertising discouraging driving while high.



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