Colorado collects $2m in marijuana taxes in January

Marijuana plants Recreational sales of marijuana began in Colorado on 1 January

Related Stories

The US state of Colorado collected $2m (£1.2m) in taxes from newly legalised recreational marijuana businesses in January.

Colorado became the first US state to legalise the commercial sale of cannabis in 2012, and stores opened for business on 1 January 2014.

In total, 59 marijuana firms filed tax returns on an estimated $14m in sales.

Overall, the state collected a total of $3.5m in marijuana taxes if medical marijuana firms are included.

Marijuana model?

The money is earmarked for youth prevention services, substance abuse treatment, and public health, according to a plan proposed by Colorado Governor, John Hickenlooper.

Many other US states are closely watching Colorado's figures.

Washington state is set to introduce legal sales later this year.

Most of Colorado's tax revenues came from firms around the city of Denver.

Recently, US President Barack Obama said marijuana was no more dangerous than alcohol, while cautioning both were bad decisions.

Nonetheless, he has instructed the Department of Justice to halt prosecutions of banks that do business with cannabis firms.

Currently, 20 US states, as well as Washington, DC, allow for the sale of medical marijuana.

More on This Story

Related Stories

More Business stories

RSS

Features

From BBC Capital

Programmes

  • A screenshot from Goat SimulatorClick Watch

    The goat simulator which started as a joke but became a surprising hit, plus other tech news

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.