Legalized Pot Bringing in Tax Money to Colorado, But It's Modest

Legalized marijuana is bringing a tax boost to Colorado, but not the tsunami of cash one might have expected. Through October, Colorado collected about $45.4 million from sales and excise taxes on recreational pot sales. That puts the state on pace to bring in less than the $70 million a year Colorado voters approved when they agreed to a statewide 10% sales tax and 15% excise tax on recreational pot. But adding fees and licenses and the taxes from medical marijuana sales, Colorado had collected more than $60 million through October. Much of the drug's tax production has been used to pay for new regulation, including a new state agency to oversee the industry and additional fire and building inspectors. And, going forward, pot's tax potential hinges on some possible challenges.