Colorado expects to reap tax bonanza from legal marijuana sales

This past Thursday was the first deadline for Colorado’s sellers and growers of recreational marijuana to pay taxes on their first month of legal sales, and the state is expected to win big, according to the New York Times.

Early projections indicate taxes from legal sales of recreational marijuana could boost the state’s bottom line by more than $100 million, much higher than originally predicted.

The industry is expected to hit $1 billion in sales in the next fiscal year, according to estimates from Gov. John Hickenlooper’s office. The tax income for states generated by the legal sales is reshaping government budgets and is a selling-point for advocates to use in their efforts to expand legalization to other states, the article says.

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