Marijuana taxes brought Colorado $2 million in January. Source: mailto:firstname.lastname@example.org
The amount of marijuana sold for recreational use in January totaled up to $14.02 million. The $2 million in taxes comes from both a 12.9% sales tax and a 15% excise tax. Local government has the ability to levy marijuana taxes, which would affect 160 legal marijuana shops, reports Fox News.
State officials are working to dictate how the money from the marijuana taxes will be spent. Officials are already planning to spend the first $40 million for school construction. Other options include using some of the money to fund PSAs warning kids not to take the drug or drive while high, Fox News notes. Read