Taxes for recreational pot fall short of estimates

DENVER - Taxes on recreational pot sales in Colorado are falling short of estimates.

Original predictions were that taxes would generate $33.5 to $100 million for the fiscal year that just ended.

However, the Denver Post reports that 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.

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