As Colorado’s Tax-Free Weed Day Catches Fire, State Discloses Marijuana Revenue Windfall| 0
As the state of Colorado, which granted a temporary suspension of its marijuana taxes for today only, continues to prove to other states around the country that it pays to legalize, tax, and regulate marijuana; a new report shows that Colorado generated more tax revenue during 2014 from marijuana sales than was raised from alcohol sales.
That’s a lot of green
According to the Colorado Department of Revenue, the state succeeded in collecting nearly $ 70 million from total marijuana sales (medical and recreational), while pulling in less than $ 42 million from alcohol sales.
Per The Daily Caller, the exact dollar amount disclosed earlier this week shows that the Centennial State raked in a staggering $ 69,898,059 in tax revenue from the sale of recreational and medical marijuana products, creating a windfall of cash for the state during the fiscal year of 2014-15.
The common sense enthusiasts responsible for forever altering how America views marijuana legalization notes the obvious; the most recent numbers demonstrate that responsible marijuana consumers are generating some much needed cold hard cash in the Centennial State, and deserve a one-day reprieve.
According to Mason Tvert, the communications director for the Marijuana Policy Project, “Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off.” Further clarifying, Tvert noted, “This will be the one day out of the year when the state won’t generate significant revenue. Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state.”
Small taxes add up
On top of the regular 2.9 % tax on all pot sales, Colorado also reaps a 10% boost to their bottom line with a special sales tax on retail marijuana and another 15% on wholesale marijuana transfers. Allowing the state to grab approximately 28% of the cash from every marijuana sale and to allocate that new revenue towards the upkeep of Colorado’s public school system.
“It’s crazy how much revenue our state used to flush down the drain by forcing marijuana sales into the underground market,” Tvert said. “It’s even crazier that so many states are still doing it. Tax revenue is just one of many good reasons to replace marijuana prohibition with a system of regulation.”
Word. Thanks Mason!
(Photo Courtesy of The Huffington Post)