Colorado pot revenues hit new high
FORT MYERS, Fla.- Marijuana dominated headlines in 2014 both here in Florida and across the country. Many states debated the medical benefits, and in states like Colorado, the economic boost from recreational sales of the drug.
But did Colorado really rake in $60 million in marijuana-related money last year?
A pro-pot advocate is using that number to try to make the case for recreational weed in Rhode Island. WINK News and our team of researchers at PolitiFact thought it warranted a check of the facts.
PolitiFact reporter Joshua Gillin tells WINK News marijuana income rose from around $1 Million the first month recreational sales were legal to over $7 Million in October.
In their fact-check, PolitiFact pulled the most recent monthly figures from the state’s Department of Revenue to see if the claim that “Colorado raked in $60 Million in marijuana taxes and licensing fees in the past year” hold up.
PolitiFact gave it a ruling of TRUE on the truth-o-meter.
“And that’s just from January 2014 through October, and so there was actually more than that, and that comes from excise taxes and sales taxes, a special tax levied on recreational marijuana,” Gillin said.
So where did the money go?
PolitiFact found a portion goes to local governments, where the pot shops are located. Denver, for example, received more than $128,000. Most goes into the state’s general fund.
What’s unclear at this point is how much the state is actually making, and how much is covering administrative and other costs. For the time being, those questions over pot’s potential will have to wait.
To read the entire PolitiFact article, click here.