Colorado is now selling more recreational pot than medical pot, a turning point for the newly legal industry, tax records released Wednesday show.
High hopes for tax money isn’t as expected as the state’s legal marijuana industry isn’t bringing in as much money as anticipated. In fact, tax revenue is way below expectations.
Marijuana activists asked a judge on Friday to temporarily prevent the state from collecting specific “marijuana taxes” on pot sales because they incriminate consumers and industry employees under federal law.
New marijuana tax records from Colorado show June was the best-selling month yet for the state’s recreational pot experiment, with $24.7 million in total sales.
Colorado sold less recreational pot in May than in April, the first month-to-month sales decline for the newly legal drug.
The City Council’s Government and Finance Committee discussed pot spending at its Wednesday morning meeting.
Some marijuana activists in Colorado are suing over the collection of pot taxes.
Colorado’s marijuana market boomed in April as tens of thousands celebrated the 4/20 holiday.
Two Colorado education bills aimed at restoring school budgets hurt by years of budget cuts have been signed into law.
Colorado’s recreational pot sales jumped nearly a third in March. That’s according to sales tax reports issued by the state Thursday.