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| VMGI In a Great Growth Market |
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 Hot Stock to Watch |
Company: Verde Media Group, Inc. (Pink Sheets: VMGI)
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Last:
Price: 0.0095
Change (%): - 0.002 (17.39)
Volume: 3,912,316 |
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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 dollars 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 dollars from a special 10 percent sales tax on recreational marijuana, plus another 416,690 dollars 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 dollars in retail sales during the month.
Most of the tax revenue came from stores in Denver, and the city reported it collected 616,282 dollars in local sales taxes from recreational marijuana sales in January. In addition, the state will share 128,586 dollars with the city from statewide collections.
Recreational marijuana businesses paid 195,318 dollars 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 dollars.
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.”
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