Colorado’s booming marijuana economy saw pot businesses generate a record amount in tax in January 2015.
Much of this money is earmarked to be spent on the state’s public schools.
Data from Colorado’s Department of Revenue shows that the Retail Marijuana Excise Tax, which is set at a rate of 15%, raised over $2.3 million in revenue for the public school system that month.
In January 2014 the schools pot tax raised only raised $195,318.
Approximately $36.4 million of recreational marijuana was sold in January compared to about $14.69 million sold the same month last year.
In November 2013 residents of Colorado voted for a 10% sales tax and a 15% excise tax on recreational marijuana sales.
Revenue also comes from a standard sales tax, as well as license fees.
The total of all marijuana taxes, licenses, and fees for January 2015 was $ 8,802,295, up from $3,519,756 in 2014. An increase of 150.1%.
Revenue not allocated to schools goes to fund police training, substance abuse programs and medical research.
The impressive increase in revenue is likely to be most influenced by the number of stores that opened later in 2014.
Initially only 40 stores were licensed to sell marijuana, but that number has grown to over 320 statewide.
Sales of marijuana fluctuate month to month with the numbers of tourists in state the Denver Post reported.
Colorado legalized the recreational use of marijuana for those over the age of 21 on January 1, 2014, provided it is bought at licensed stores in a similar way to alcohol.
Medical marijuana had already been legalized in 2000.
Since Colorado’s decision to allow the use of marijuana, similar legislation has passed in Alaska, Oregon and Washington, D.C.
In December 2014, Uruguay became the first country in the world to legalize marijuana.
Since Colorado’s decision to allow the use of marijuana, similar legislation has passed in Alaska, Oregon and Washington, D.C., and Uruguay became the first country in the world to legalize pot in December