News - Local
Colorado Springs hits new high in pot tax revenue
Posted: Oct 8, 2010 6:21 AM by Associated Press
Updated: Oct 8, 2010 7:22 AM
The city of Colorado Springs is reporting a record monthly high of nearly $57,000 in sales tax revenue from medical marijuana.
The Gazette reports that sales of marijuana and marijuana-infused products generated $56,991 in tax revenue in August, a nearly 12 percent jump from July.
So far this year, Colorado Springs has collected almost $325,000 in sales tax revenue from the medical marijuana industry. That's nearly three times the total collected last year.
Meanwhile, the El Paso County commissioners have put a measure on the November ballot asking whether medical marijuana businesses should be banned in unincorporated areas.
Medical marijuana has been legal in Colorado since 2000. A new state law imposes regulations and allows communities to ban the businesses.
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