High hopes in Colorado concerning the revenue generated by the state’s legalized marijuana rules might have been nothing more than a pipe dream. Officials now say pot taxes are bringing in only a portion of what was expected.
Adults in Colorado have since January 1 been able to legally purchase weed for recreational purposes, and the state initially protected that it would pull in at least $33 million in taxes during the first six months. The release of new figures this week shows that the state fell short, however, earning only a comparably meager $12 million between the first of the year and the end of June.
The latest news contrasts heavily with reports from early January when sales in Colorado far exceeded expectations and netted over $1 million on the first of the year, and around $5 million during the first week. That high demand apparently didn’t last long, however, and sales have since slumped to well below what was expected.
Earlier this year, the Colorado Marijuana Enforcement Division predicted that residents and visitors will use a total of 130.3 metric tons of pot during 2014, but only 77 metric tons — or around 59 percent — will come from legit sellers.