Legal marijuana sales are proving to not be the expected windfall Colorado expected.
DENVER - Original estimates for taxes to Colorado for recreational marijuana were $33.5 million for the just ended fiscal year. Gov. John Hickenlooper’s office predicted $100 million.
However, the actual amount in retail sales and excise tax came in at just over $12 million, according to Colorado Department of Revenue.
State Rep. Dan Pabon said it might be time to look at medical marijuana. Pabon chairs a special legislative committee on marijuana revenue that met for the first time Tuesday.
A market study for the state found that the lower-taxed medical-marijuana market continues to outpace the recreational market in sales. Recreational sales are expected to grow.
State economists are coming out with new forecast next month using the data from the first six months of sales.