Colorado, having celebrated a marijuana tax holiday this past Wednesday, collected $70 million in marijuana-related taxes over the past fiscal year, compared to just $42 million in alcohol-related taxes, according to the Colorado Department of Revenue.
Cullen, the owner of Colorado Harvest Co., a chain of marijuana dispensaries, was among the many growers and shoppers who benefited Wednesday from a quirk that required the state to suspend a 10 percent sales tax and a 15 percent wholesale excise tax for a day.
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.
The Associated Press reported that the holiday is due to Colorado’s “unusual tax law,” and is a rare move in a state that “has many times rejected sales-tax holidays on things like school supplies, clothing or energy-efficient appliances.” Under the state constitution, the accounting error triggers an automatic suspension of any new taxes – in this case, the recreational marijuana taxes voters approved in 2013.
Martin O’Malley met with marijuana policy experts in Denver Thursday to hear about how legalizing the drug has affected communities in Colorado, but he isn’t yet ready to endorse federal legislation legalizing recreational use of pot. Cannabis sales reached $50 million for the first time in June, than rose over $55 million in July, the Forbes story said.
After listening to several speakers, O’Malley addressed the group, stressing the importance of learning from the states that have legalized marijuana.
When Proposition AA passed in 2013, a 15 percent excise tax and 10 percent special tax went into effect on all retail marijuana sold in the state of Colorado. Enforcing marijuana laws also costs our nation $3.6 billion dollars a year, for little to no results. “Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state”.
Colorado tracks marijuana sales, but it doesn’t make the data public, making it impossible to know if Wednesday set a single-day sales record. In November, a ballot question will ask voters to give the state permission to keep the money.
However, it’s far too soon to say how marijuana legalization has affected adults’ behavior when it comes to consuming intoxicating substances. “It’s even crazier that so many states are still doing it”. It is time India saw reason and did the same.