$21.5 Million In Marijuana Taxes Just Went Up In Smoke

September 3, 2014 1:09 AM

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$21.5 Million In Marijuana Taxes Just Went Up In Smoke

You have to hand it to Colorado for propelling legalized marijuana into the mainstream. In addition to medical marijuana, Colorado legalized recreational use, trumpeting the tax revenue it knew would be piling in. In Colorado, there’s a 2.9% sales tax and a 10% marijuana sales tax. Plus, there is a 15% excise tax on the average market rate of retail marijuana. If you add that up, it’s 27.9%.

Just think of all that tax revenue! Like a closer Amsterdam, Colorado would be on the New Pot Trail, getting marijuana tourists in addition to locals imbibing. Legalize and tax it, they said. But it turns out the $33.5 million Colorado projected to collect in the first six months of 2014 was a littl...

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