Tags: Colorado | marijuana | taxes | legalized marijuana

Colorado Expects $184M in Pot Taxes Within 18 Months

Image: Colorado Expects $184M in Pot Taxes Within 18 Months Recreational (retail) marijuana at the LoDo Wellness Center in Denver.

Friday, 21 Feb 2014 07:52 AM

By Lisa Barron

Colorado expects to earn $184 million in taxes from its legal marijuana market in the first 18 months, much of which is going to be used to stop kids from using pot.

The state's Joint Budget Committee report, released by Gov. John Hickenlooper, is the first official estimate of how much Colorado will take in from marijuana taxes from Jan. 1 of this year, when it was legalized, until June 30, 2015, the end of the next fiscal year, CNN reported.

The committee projected total marijuana sales during that period of about $610 million, higher than originally expected, according to CNN.

The committee's budget proposal includes allocating $45.5 million for the prevention of youth marijuana use, $40.4 million for treatment of substance abuse, and $12.4 million for public health.

"We view our top priority as creating an environment where negative impacts on children from marijuana legalization are avoided completely," Hickenlooper wrote in a letter to legislative budget writers, the Associated Press reported.

The governor also reportedly proposed a $5.87 million, three-year "statewide media campaign on marijuana use" highlighting the health risks associated with pot.

"This package represents a strong yet cautious first step" for regulating pot, wrote Hickenlooper.

The rosy tax projections came from updated figures on the number of marijuana retail stores in Colorado and how much consumers are paying for pot.

Related Stories:

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Rand Paul Re-introduces 'Audit the Fed' Bill

Wednesday, 28 Jan 2015 11:44 AM

Republican Senator Rand Paul, a potential 2016 presidential candidate, on Wednesday re-introduced a bill that would expo . . .

DEA Chief: US Abandoned Plan to Track Cars near Gun Shows

Wednesday, 28 Jan 2015 11:29 AM

The Drug Enforcement Administration abandoned an internal proposal to use surveillance cameras for photographing vehicle . . .

Politico: Homeland Security Funding No Longer a Priority

Wednesday, 28 Jan 2015 10:53 AM

The Department of Homeland Security's funding deadline, once deemed critical by House Republicans seeking to include imm . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved