Colorado Marijuana Taxes Net State $2 Million
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Colorado Marijuana Taxes Net State $2 Million
Posted by CN Staff on March 10, 2014 at 16:26:32 PT
By The Associated Press
Source: Associated Press
Denver --  Colorado made roughly $2 million in marijuana taxes in January, state revenue officials reported Monday in the world's first accounting of the recreational pot business.The tax total reported by the state Department of Revenue indicates $14.02 million worth of recreational pot was sold. The state collected roughly $2.01 million in taxes.
Colorado legalized pot in 2012, but the commercial sale of marijuana didn't begin until January. Washington state sales begin in coming months.The pot taxes come from 12.9 percent sales taxes and 15 percent excise taxes. Voters approved the pot taxes last year. They declared that the first $40 million of the excise tax must go to school construction; the rest will be spent by state lawmakers.Colorado has about 160 state-licensed recreational marijuana stores, though local licensing kept some from opening in January. Local governments also have the ability to levy additional pot sales taxes if they wish.Monday's tax release intensified lobbying over how Colorado should spend its pot money. Budget-writers expect the nascent marijuana industry to be extremely volatile for several years, making lawmakers nervous about how to spend the windfall.Budget-writing lawmakers joke that plenty of interests have their hands out to get a piece of the pot windfall.Gov. John Hickenlooper has already sent the Legislature a detailed $134 million proposal for spending recreational and medical marijuana money, including new spending on anti-drug messaging to kids and more advertising discouraging driving while high.State police chiefs have asked for more money, too."The whole world wants to belly up to this trough," said Sen. Pat Steadman, a Denver Democrat who serves on Colorado's budget-writing Joint Budget Committee.Other countries also are watching Colorado, which has the world's first fully regulated recreational marijuana market. The Netherlands has legal sales of pot but does not allow growing or distribution. Uruguay's marijuana program is still under development.Colorado's pot revenue picture is further complicated by the state's unique budget constraints, known as the Taxpayers' Bill of Rights.The Bill of Rights not only requires voter approval for tax increases, it limits budget-writers when those taxes earn more than the figure posed to voters. Last year's pot vote guessed that the taxes would produce $70 million a year, and it's not clear what lawmakers can do with tax money that exceeds that figure.Colorado's JBC plans a Wednesday briefing with lawyers to lay out their options for spending pot taxes beyond $70 million."There probably is a tendency to want to just grab on to this revenue from marijuana and feed my own pet projects, and I don't think it's going to be that simple," said Sen. Kent Lambert, R-Colorado Springs and another JBC member.Colorado's 2014-15 budget is under debate now and does not include any anticipated recreational marijuana taxes.Source: Associated Press (Wire) Published:  March 10, 2014Copyright: 2014 The Associated PressCannabisNews   -- Cannabis Archives 
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Comment #3 posted by Oleg the Tumor on March 12, 2014 at 11:31:46 PT:
All for a Schedule One Drug?
The whole world wants to belly up to this trough," said Sen. Pat Steadman
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Comment #2 posted by afterburner on March 12, 2014 at 06:26:31 PT
storm crow #1 - see comment re/ THC dates
Apparently, the US government did know about THC in the 1940s. They just didn't know the chemical structure yet!
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Comment #1 posted by Storm Crow on March 11, 2014 at 21:26:58 PT
Simple Math? 
$14.02(million) x 15% (sin tax)= $2.10 (million) $14.02 (million) x 12.9% (sales tax) = $1.80 (million)$2.10 + $1.80 = $3.90(million)Where did they get that $2 million figure? Something is not adding up!
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