Update On Colorado’s First Year Of Selling Legalized Medical Marijuana

Before Colorado, no government in the U.S. had ever allowed retail sales. The state had previously allowed medical pot, which has low taxes but requires a doctor’s note. Recreational marijuana sales, which became legal in January 2014, opened the doors to any buyer age 21 and over. Retail sales carry a heavy tax burden.

Colorado collected $63 million in tax revenue and an additional $13 million in licenses and fees on $699 million of combined medical and recreational pot sales in 2014. To track and enforce the market and to collect those lucrative taxes, Colorado required all growers and sellers to trace their product from seed to sale with canary-yellow RFID tags .

To read more, visit http://finance.yahoo.com/news/2-8-million-pot-munchies-185316667.html

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