The Marijuana Money Train
The decriminalize marijuana train is on the tracks and it’s only a matter of time before every state in the country starts drooling over the money Colorado’s raking in after having legalized it:
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.
At this rate (more shops are opening all the time) Colorado stands to make roughly $24 million in the first year. Politicians are going to love the moolah. No way is this law ever going to be repealed. Yes, the first $40 million is slated for school construction but beyond that, I can imagine brawls at the statehouse over how to spend the millions that will roll in as time passes.
Entry filed under: Musings.