Tags: denver | mayor | marijuana | tax

Denver Mayor Proposes Tax on Marijuana

Image: Denver Mayor Proposes Tax on Marijuana

By Andrea Billups   |   Tuesday, 09 Jul 2013 04:42 PM

Denver Mayor Michael Hancock is calling for a 5 percent tax on marijuana sales in his city, noting that the industry is growing and a tax marks one way to assure that it is properly regulated, Fox News reported.

"We believe a 5 percent tax on recreational marijuana will fulfill the city's needs to effectively regulate and enforce this new law while protecting our children and families, supporting public health and ensuring the integrity of our neighborhoods," said the mayor in a statement.

The city tax is in addition to statewide taxes already proposed on marijuana sales, the Denver Post reported.

Last November, Coloradans passed a ballot measure, approved by a 55-44 percent margin, which outlines a drug policy for cannabis use, cultivation, and sale.

Under the new state law, adults 21 and over may privately grow a small number of cannabis plants. The growing area must be locked and the grower is allowed to keep the cannabis they grow or give as a gift up to one ounce to other adults.

In addition to the city tax proposal, a statewide marijuana tax bill will go before Colorado voters in November. They will be asked to OK a 15 percent excise tax plus a 10 percent state sales tax on marijuana purchases.

Too many taxes imposed too quickly concerns some pot activists, Fox News reported. They fear the taxes may undermine the new law and re-energize the black market.

"If it is too much tax too quickly, it will kill the transition to the legal market," said Michael Elliott, director of the Medical Marijuana Industry Group.


© 2015 Newsmax. All rights reserved.

1Like our page
2Share
US
Denver Mayor Michael Hancock is calling for a 5 percent tax on marijuana sales in his city, noting that the industry is growing and a tax marks one way to assure that it is properly regulated.
denver,mayor,marijuana,tax
Preview
Preview
268
2013-42-09
 

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