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Marijuana sales tax results expected this week

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News,Business,Taxes,Marijuana,Drug Legalization

DENVER (AP) — Colorado is waiting for its first look at the recreational pot market this week when the Department of Revenue reports how much dispensaries paid in sales taxes in January.

The Department has hinted that it may release January sales tax figures Monday. It would be the first accounting of how many people bought pot when retail sales began in January.

The tax haul is expected to outpace projections of about $70 million this year.

Lobbying has already grown intense at the Capitol for how those dollars should be spent. Gov. John Hickenlooper sent an elaborate plan to legislative budget-writers last month detailing $134 million in spending from combined medical and recreational pot taxes.

Ultimately lawmakers will decide how to spend all but $40 million already designated for school construction.

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