Pot taxes generate $2.3 million for Colorado schools – SFGate (blog)
Posted on March 13, 2015 at 10:38 am by Oscar Pascual in Business
Colorado has now found its weed groove, generating record amounts of tax revenue from recreational marijuana sales just a little over a year removed from the first day of legalization.
Statewide retail marijuana sales-tax receipts increased by 153 percent in January, totaling $3.5 million this year, according to the Denver Business Journal. It’s a massive difference compared to the paltry $1.4 million made last January, when selling recreational pot first became legal.
The big winner is not just the Colorado government, but its public schools as well.
According to a monthly report from Colorado’s Department of Revenue, the state’s 15 percent excise tax on recreational pot sales have collected $2.3 million just for the schools alone.
Since legalizing marijuana last year, the state has generated millions in taxes, which have provided for prosperous schools, as well as programs for abuse, medical research, and police training.
Now that’s thinking of the children.
Tags:Amendment 64, cannabis, colorado, excise tax, legal, marijuana, pot, public schools, schools, tax, taxes, weed