Colorado collected more than $2 million in taxes from recreational marijuana in January, its first month of sales, an accounting report released Monday showed. Medical marijuana sales added an additional $1.5 million to state coffers.
Colorado residents voted for an aggressive 25% tax on recreational marijuana in November 2013. Revenue also comes from a standard sales tax as well as license application fees.
I realize there are a lot of people who are scared of marijuana reform for various reasons: drugs are bad, easier access for kids, etc. To me, all of the negatives are easily remedied by careful regulation like we now have with alcohol and increased education rather than scare tactics for kids. Not to mention if you add the amount of tax money created to the amount of money that could be saved by not having to police marijuana and the need for less to be smuggled in from Mexico the benefits FAR outweigh the possible downsides.