Medical marijuana licensing: Colorado scores $8 million from new business regulations
Colorado is still enjoying the considerable windfall from its brand-new medical marijuana business licensing fees. As first reported by Face the State, Colorado has now collected more than $8 million in MMJ licensing fees since the rules went into effect this August, up from $7.3 million this summer.
The revenue from the new licenses, which can cost up to $18,000 for the largest kind of medical marijuana center, eclipses all other state licensing fees. For a comparison, Face the State tracked down other state revenue numbers so far for the 2010-11 fiscal year, which began on July 1. Here they are from highest to lowest.
- Medical Marijuana License: $8,079,750
- Division Of Real Estate License: $2,042,419
- Division Of Insurance Licenses: $1,547,351
- Alcoholic Beverages License: $1,284,718
- Hazardous Materials/Waste Permit: $1,137,476.81
- Dealer (Gaming) License: $921,309
- Health Licenses: $879,197.84
- Radiological License: $769,069
- Barbers & Cosmetologists: $297,508
- Child Care Licenses: $275,310.00
- Chiropractic License: $74,293
- Div of Wildlife Use Permits: $10,970
Considering all existing dispensaries and affiliated businesses had to pay their full licensing fees by August 1, 2010, the non-pot revenue sources listed above may close the gap with pot licensing fees as the fiscal year goes on and the state continues to collect licensing fees from traditional businesses. Still, $8 million dollars in MMJ fees is nothing to sneeze at, especially since the revenue source never before existed.
More from our Marijuana archives: "Photos: Colorado's Legalize 2012 marijuana campaign kicks off in Boulder."