The first month of legal marijuana sales in Colorado generated just over $14 million in total sales and $2 million in tax revenue, according to the latest figures.
Released on Monday by the state’s Department of Revenue, the numbers are the first official tally of the state’s legal recreational marijuana industry.
However, January’s figures likely under represent the industry’s true potential. Early licensing delays meant few businesses were ready to begin selling on Jan. 1st.
A total of 59 recreational marijuana businesses filed tax returns in January, with only 24 recording sales on the first day of the month.
As of the end of February, a total of 167 recreational stores have now been licensed. But the true number of recreational stores currently open is uncertain, since municipal approval is also required.
According to estimates released last month by Gov. John Hickenlooper’s budget office, sales during the first six months of 2014 should total more than $190 million.