Colorado voters will be asked in November whether the state should stand by the decision to use marijuana tax profits for school construction and other programs, under legislation signed by Gov. John Hickenlooper on Thursday.
Colorado reported its best month yet for recreational marijuana sales in January, with a tenfold spike since last year in the tax stream designated specifically for schools.
Marijuana tax revenue is supposed to fund school construction in Colorado, but one district will not apply for the money and some parents are upset.
Marijuana makes money. But legalizing it doesn’t eliminate the black market or solve a state’s budget problems. Those are the lessons from Colorado’s first full year of tax collections on recreational pot.
Colorado finally knows how much tax revenue it collected from recreational marijuana in the first year of sales, and the haul was below estimates – about $44 million.
Colorado’s marijuana experiment was designed to raise revenue for the state and its schools, but a state law may put some of the tax money directly into residents’ pockets, causing quite a headache for lawmakers.
Recreational marijuana sales officially began in Aurora on Wednesday.
Colorado is now selling more recreational pot than medical pot, a turning point for the newly legal industry, tax records released Wednesday show.
High hopes for tax money isn’t as expected as the state’s legal marijuana industry isn’t bringing in as much money as anticipated. In fact, tax revenue is way below expectations.
Marijuana activists asked a judge on Friday to temporarily prevent the state from collecting specific “marijuana taxes” on pot sales because they incriminate consumers and industry employees under federal law.