Pubdate: Thu, 20 Feb 2014
Source: Philadelphia Inquirer, The (PA)
Copyright: 2014 Associated Press
Contact:  http://www.philly.com/inquirer/
Details: http://www.mapinc.org/media/340

LEGAL MARIJUANA BOOSTS TAX COFFERS

(AP) - Colorado's legal marijuana market is far exceeding tax 
expectations, according to a budget proposal released Wednesday by 
Gov. John Hickenlooper that gives the first official estimate of how 
much the state expects to make from pot taxes.

The proposal outlines plans to spend $99 million next fiscal year on 
substance-abuse prevention and other priorities. The money would come 
from a statewide 10 percent sales tax on recreational pot, indicating 
Colorado's total sales next fiscal year will be near $1 billion.

Retail sales began Jan. 1 in Colorado. The governor predicted sales 
and excise taxes next fiscal year would produce some $98 million, 
well above a $70 million annual estimate given to voters when they 
approved the pot taxes last year. The governor also includes taxes 
from medical marijuana, which are subject only to the statewide 2.9 
percent sales tax.
- ---
MAP posted-by: Jay Bergstrom