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