Tags: colorado | marijuana | tax

Colorado Marijuana Tax Totals $2M in One Month: Now, How to Spend It?

Tuesday, 11 Mar 2014 11:48 AM

By Alexandra Ward

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The state of Colorado is wrestling with a good problem to have: how to spend the estimated $2 million in marijuana tax revenue generated by the sale of recreational pot in January 2014.

January marked the first month Colorado was legally allowed to start selling pot for recreational use to adults ages 21 and older with purchases limited to 1 ounce. More than $14 million worth of non-medicinal recreational pot was sold in January, Forbes reported, but thanks to the layers of taxes imposed, that means more than $2 million in tax revenue alone.

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

Recreational marijuana sales in Colorado are subject to a 10 percent special sales tax, a 15 percent retail marijuana excise tax, and an additional 2.9 percent sales tax, as well as license fees, according to CNN Money.

"The biggest problem is actually how to spend the money: It’s not exactly a terrible problem to have," Forbes' Kelly Phillips Erb wrote. "Voters approved a law last year that requires the first $40 million collected from the special excise taxes to be directed towards school construction. But after that? The state hasn't yet decided to do with the money."

According to the Denver Post, Colorado Gov. John Hickenlooper has proposed using the money to fund anti-drug campaigns aimed at kids. In a budget plan released last month, Hickenlooper said he expects the state to receive an estimated $134 million in tax revenue from the sale of recreational marijuana during the fiscal year beginning in July. That would equal an estimated $1 billion in sales, the Post noted.

Editor's Note: Do You Support Obamacare? Vote in Urgent National Poll

Related Stories:

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
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:
Retype 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
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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