Colorado's Legal Marijuana Market Is Bringing In Way More Tax Revenue Than Expected

[babylonsister]

Colorado's Legal Marijuana Market Is Bringing In Way More Tax Revenue Than Expected
Associated Press
Kristen Wyatt, Associated Press
Feb. 19, 2014, 11:09 PM 52,203 4



DENVER (AP) — Colorado's legal marijuana market is far exceeding tax expectations, according to a budget proposal released Wednesday by Gov. John Hickenlooper that gives the first official estimate of how much the state expects to make from pot taxes.

The proposal outlines plans to spend some $99 million next fiscal year on substance abuse prevention, youth marijuana use prevention and other priorities. The money would come from a statewide 12.9 percent sales tax on recreational pot. Colorado's total pot sales next fiscal year were estimated to be about $610 million.

Retail sales began Jan. 1 in Colorado. Sales have been strong, though exact figures for January sales won't be made public until early next month.

The governor predicted sales and excise taxes next fiscal year would produce some $98 million, well above a $70 million annual estimate given to voters when they approved the pot taxes last year. The governor also includes taxes from medical pot, which are subject only to the statewide 2.9 percent sales tax.

snip//

"Voters and state lawmakers around the country are watching how this system unfolds in Colorado, and the prospect of generating significant revenue while eliminating the underground marijuana market is increasingly appealing," said Tvert, who now works for the Marijuana Policy Project.

more...

http://www.businessinsider.com/colorado-pot-market-tax-2014-2

[Pretzel_Warrior]

1. that is hilarious in a way

now all of the southern states will decide it's time to reevaluate their positions.

[babylonsister]

2. ALL the states; who wants to miss out on this revenue? nt

[NightWatcher]

3. you know, Adam grew pot in the Garden of Eden...next to the dinosaur houses

It says so in the 2nd Book of Cheech chapter 4 verse 20.

[Bonx]

7. The Bible is quite clear that we are to enjoy the MJ

Genesis 1:29 - And God said, Behold, I have given you every herb bearing seed, which [is] upon the face of all the earth, and every tree, in the which [is] the fruit of a tree yielding seed; to you it shall be for meat.

[Bonx]

5. Sure hope so

$$ talks, even to morons.

[Autumn]

4. The rest of the states will fall to marijuana like dominoes.

Bank on it

[Nuclear Unicorn]

6. "Bank on it"

I don't know if that was a deliberate pun but it was apt.

[Autumn]

8. Our Governor Frakenlooper is in hog heaven.

The tax revenue from Pot exceeded the states highest expectations.

[TBF]

9. I'll bet! Of course now the capitalists

will be totally interested and making it into every product imaginable.

[Comrade Grumpy]

10. They're already coming out of the woodwork.

I do a regular Google news search for "cannabis," among other terms, and in the past few months, I'm seeing more and more stories about stock offerings and cannabusinesses.

Not really what I had in mind by legalization, but it's the American way, I suppose.