Colorado's first year of legal weed returns less taxes than expected – RT
Published time: February 11, 2015 20:58
Taxes on recreational marijuana netted $44 million for Colorado during the last calendar year, according to new figures released this week. The numbers indicate what other states may reap should they follow the Rocky Mountain State’s lead.
The Associated Press
reported on Tuesday that new sales tax
records just released indicate that the first full year of legal,
recreational pot provided the state of Colorado with around $76
million through fees, pre-existing taxes, and new tariffs. Taking
into consideration only the tax imposed on recreational weed when
it became legal at the start of 2014, AP reported that Colorado
will collect about $44 million – well short of initial estimates
– as a result of last year’s sales.
On January 1, 2014, Colorado became the first state in the US to
let adults purchase marijuana for recreational purposes at
government-approved pot shops. Similar rules have since been
adopted in Washington state, and residents of Alaska and
Washington, DC voted last November in favor of measures that aim
to legalize and decriminalize weed, respectively. So far, though,
Colorado is the only state to return hard figures regarding what
a full year of legalization means for the economy, and it pales
compared to earlier predictions.
Between a 15 percent excise tax and a 10 percent sales tax – and,
in some locales, city fees – Coloradans intially expected to
bring in $67 million. Now, according to the newest figures, the
first year of pot sales returned only around two-thirds of what
“Everyone who thinks Colorado’s rollin’ in the dough because
of marijuana? That’s not true,” state Sen. Pat Steadman
(D-Denver), one of the legislature’s main budget writers, told
the Associated Press this week.
As RT reported at the time, proprietors at the 27 dispensaries
that opened in January 2014 generated $5 million in sales during
their first week of business. Sales soon started to slide below
expectations, however, and the state pulled in only around $33
million in taxes during the first six months of the year.
Rep. Dan Pabon (D-Denver) told CNN at the time that it was “too
early to be worried” about lackluster … – Click Here To Visit Article Source