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.
Colorado won’t address some legal questions about same-sex unions pending a ruling from the U.S. Supreme Court on gay marriage.
Colorado’s growing economy means tax refunds are on the horizon for residents.
Saying further delays are pointless, gay lawmakers on Thursday called for Colorado’s same-sex marriage ban to be declared unconstitutional and for such a ruling to be effective immediately without further appeals.
With the hours winding down, Colorado lawmakers had a number of big-ticket items to consider before the end of the session on Wednesday, including marijuana legislation and tax aid to homeowners devastated by floods and wildfires.
Colorado schools are getting a lot more money next year. But the education spending bills nearing completion in the state Legislature haven’t been as popular as they might seem.
A Colorado plan to set up the world’s first financial system for marijuana has cleared its first hurdle in the state Legislature, despite deep reservations from supporters that the plan will work.
The federal government has reluctantly agreed to let Colorado be the first state to collect taxes from the legal sale of recreational marijuana, but it also has made clear it doesn’t agree with the move and may try to stop it, if isn’t tightly controlled.