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Colorado is rolling in the green. The Rocky Mountain state collected $2 million in taxes for pot sales in January, the first month that recreational pot dispensaries opened for business since Colorado legalized marijuana in 2012.
The tax total reported by the state Department of Revenue indicates $14.02 million worth of recreational pot was sold. The state collected roughly $2.01 million in taxes. The pot taxes come from 12.9 percent sales taxes and 15 percent excise taxes.
Officials reported the numbers on Monday, in the world’s first accounting of the recreational pot business, which has led some to imagine what the pot business could do for Massachusetts, especially considering previous budget cuts.
Twitter user @KrisKream asks:
Here are some state budget cuts around $2 million that Governor Patrick announced for the 2013 fiscal year that may have benefited from some extra cash flow.
- $1.3 million in cuts to veterans' benefits
- $1.73 million in cuts to state facilities for the developmentally disabled
- $1.89 million in cuts to child and adolescent mental health services
- $2 million in cuts to supplemental security income
So, what say you? Should Massachusetts legalize recreational marijuana for tax purposes? And if so, what should the state do with the money. Discuss in the comments below.
Follow Zeninjor Enwemeka on Twitter @Zeninjor.