Colorado - World's First Fully Regulated Recreational Marijuana Market - Collects $2M in Recreational Pot Taxes

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By Alyssa Ashley Lucas | March 11, 2014 1:56 PM EST

The state of Colorado in the U.S. considered to have the world's first fully regulated recreational marijuana market, reportedly collected $2 million in taxes from recreational marijuana sales in January 2014.

REUTERS
Marijuana plants are seen in an indoor cultivation in Montevideo December 6, 2013.

At present, Denver, Colorado has more marijuana stores than Starbucks coffee shops, CBC reported. Colorado and Washington are the two states with legal recreational marijuana. Colorado legalized pot in 2012 and went on sale in New Year's Day. Washington, though, is yet to go on sale in summer.

The report stated that all marijuana products are barcodes-imprinted and can be traced electronically. Residents of Denver can only buy an ounce at a time, while visitors are limited to a quarter ounce.

Despite marijuana being legal in Denver, though, people can't smoke the pot in a public place as it will mean getting a fine. And, the marijuana should only stay in Colorado. People can't take the pot with them when they leave the state.

Also, the report stated that "smoking is out" in Colorado, but eating marijuana-laced products is in. Marijuana, which is also called cannabis, is often consumed for its psychoactive and physiological effects according to Wiki. Today, cannabis is used either for recreational or medical use.

"The future is so bright," Toni Fox, owner of 3D Cannibary Center in Denver, told USA Today.

USA Today reported that according to Colorado's Department of Revenue, 59 businesses filed their tax return for recreational pot by the end of January. As of mid-Feb, however, Colorado already has 163 marijuana retail stores.

According to Fox, before Jan. 1, her business sales were typically $1,000 in medical marijuana, but on New Year's Day when recreational marijuana went on sale her sales skyrocketed to $40,000.

One problem, in spite of all the positives, seems to rise in the occasion, though. People are asking if there is a device that can detect or test whether a person is driving under the influence of marijuana as it is to driving under the influence of alcohol. The question of the people now is: what will the state of Colorado do with that?

In addition, according to CBC, there is the banking issue, because banks are still worried about accommodating profits coming from drugs.

Still, reports claim about getting high revenue from selling marijuana. And only in its first month, recreational marijuana is already giving the state of Colorado with roughly $2M in taxes.

Overall, not just in recreational taxes, USA Today reported that Colorado collected more than $3.5 million in taxes and fees both coming from recreational and medical marijuana. 

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(Photo: REUTERS / )
Marijuana plants are seen in an indoor cultivation in Montevideo December 6, 2013.
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