The New Cash Crop - $184 million in taxes for 18mo.

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kennyc
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The New Cash Crop - $184 million in taxes for 18mo.

Postby kennyc » Fri Feb 21, 2014 11:04 pm

Colorado predicts $184 million in tax revenue in first 18 months of marijuana sales
Denver, CO (CNN) - We're getting a clearer picture of how the marijuana industry in Colorado is doing since the state voted to legalize pot.
By: Ana Cabrera, CNN, CNN

The governor's budget office just estimates the state will collect about $184 million in tax revenues in the first 18 months of recreational pot sales.
Denver, CO (CNN) - We're getting a clearer picture of how the marijuana industry in Colorado is doing since the state voted to legalize pot.

High hopes for a Colorado green rush are being realized.

Tim Cullen – Co-Owner Evergreen Apothecary: "It's just exceeded all my expectations"

Business at Evergreen Apothecary, previously just a medical marijuana dispensary, has more than quadrupled.

More than a month after recreational pot sales became legal, people are still lining at the door to get their hands on this stuff. This place, packed at 10 o'clock when doors opened."

In fact, this pot shop averages about 500 customers - a day. The state of Colorado is reaping the benefits, as well, collecting sales and excise taxes over 25%.

Marijuana dispensaries were required to turn in January tax reports on Thursday.

Tim Cullen: "We paid about $190,000 in sales tax that we collected during the month of January."
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Kaepora Gaebora
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Re: The New Cash Crop - $184 million in taxes for 18mo.

Postby Kaepora Gaebora » Sat Feb 22, 2014 2:00 am

Colorado is making bank. Hopefully it goes to good causes like restoration of damaged homes from wildfires in the past and future.

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Re: The New Cash Crop - $184 million in taxes for 18mo.

Postby Rob Lister » Sat Feb 22, 2014 2:03 am

They're counting their unhatched chickens--they shouldn't extrapolate from the trendy beginning. Sales will taper off dramatically as more and more folk start growing their own, as competition grows, and prices come way, way down. The first 'legal' crop is only half way there.

With much lower prices come much lower revenues since the tax is price based.

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Re: The New Cash Crop - $184 million in taxes for 18mo.

Postby Gawdzilla Sama » Sat Feb 22, 2014 2:41 am

This is the definition of "high" finance.
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Re: The New Cash Crop - $184 million in taxes for 18mo.

Postby scrmbldggs » Sat Feb 22, 2014 2:48 am

Some might even say mile high. :-P
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Re: The New Cash Crop - $184 million in taxes for 18mo.

Postby Gord » Sat Feb 22, 2014 12:43 pm

They can afford to build a border fence, keep out the Feds!
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