Colorado gains first $56,000 in marijuana sales tax

Marijuana vendors from Colorado showed their tax return for the first time after the weed legalization. It is commonly known that money does not smell, especially for tax authorities. So, whatever work you do, you must pay taxes. Financial authorities of a southern Colorado county, Pueblo, reported that marijuana sales brought $56,000 to the local Treasury. The sum is rather small, however the officials have no doubt that it is the thin end of the wedge. According to the local newspaper The Pueblo Chieftain, Pueblo was the first place, which allowed the recreational use of pot. Cal Hamler, the county budget and finance director, stated that the leisure marijuana retailers made $32,000 in sales taxes, but bearing in mind different taxation rates, that amount will come in at $56,000. There is a 3.5% pot sales tax, and the total sales of cannabis posted $1,000,000 in February. It is estimated that in case the sales remain flat, the county will earn $500,000 in taxes annually. Besides, the county authorities also collected $74,500 in licensing weed stores. Moreover, from now on, each low-abiding marijuana vendor must pay taxes and join a labor union. Pueblo’s economists expect the sales to spike and make $11.2 million, while the total local budget is about $165 million. To date, there are 160 licensed cannabis stores in Colorado and that number is growing day by day. Well, let’s say: pay taxes and sleep peacefully!