Marijuana Business Validated- Colorado Pulls In Millions In Marijuana Taxes
LOS ANGELES, March 11, 2014 /PRNewswire/ -- Verde Media Group Inc. (OTC: VMGI)
As reported by John Ingold of the Denver Post. Colorado collected slightly more than $2 million in taxes on the sale of recreational marijuana in the month of January, according to new figures released by the state Monday.
The numbers are the first official tallies of the historic January sales, themselves a nationwide first.
In January, Colorado collected $1.4 million from a special 10 percent sales tax on recreational marijuana, plus another $416,690 from the state's standard 2.9 percent sales tax, according to a news release Monday from the Colorado Department of Revenue. Extrapolating from those figures, recreational marijuana businesses did slightly more than $14 million in retail sales during the month.Most of the tax revenue came from stores in Denver, and the city reported it collected $616,282 in local sales taxes from recreational marijuana sales in January. In addition, the state will share $128,586 with the city from statewide collections. Recreational marijuana businesses paid $195,318 in excise tax during January, which will be put toward school construction. In total, 59 recreational marijuana businesses filed returns in January. Both Gov. John Hickenlooper's budget office and legislative analysts have predicted recreational sales for the first six months of 2014 would top $190 million. William Veve, President of Verde Media Group, Inc. stated, "Again the business landscape in the legal marijuana market is validated by significant collection of tax revenue." About Verde Media Group Inc. Verde Media Group Inc. is a publicly traded company listed on the OTC Markets trading under the stock symbol: VMGI. Verde Media Group Inc. The company is consists of three divisions: Agency Division- The innovative Agency division services- public relations, marketing, and transaction functions for corporate clientele. The agency is rapidly expanding its business in the Denver, Colorado market that will become the largest retail marijuana sector currently legitimized. BioTech Division- The VMBD division undertakes the business of developing and producing high value bio-products from renewable biomass. The focus and criterion is to develop proprietary microbial technologies with low risk scale-up methods employing low cost feedstock. VMBD will further develop the derivative and ester forms of THC for increase potency and their use in different delivery systems, including sublingual, inhaled dosage forms and blending with food products. Entertainment Division- The company operates a managed media company with production, distribution, development, and acquisition functions for film and television. For more information, visit www.verdemediagroup.com, or connect with the company on Facebook. Twitter- @Verdemediagroup DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTSThe results described herein cannot be guaranteed. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions.
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