Gov. Hickenlooper: Colorado marijuana market exceeds tax hopes

[Redfairen]

Source: Associated Press

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 some $99 million next fiscal year on substance abuse prevention, youth marijuana use prevention and other priorities. The money would come from a statewide 12.9 percent sales tax on recreational pot. Colorado's total pot sales next fiscal year were estimated to be about $610 million.

Retail sales began Jan. 1 in Colorado. Sales have been strong, though exact figures for January sales won't be made public until early next month.

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 pot, which are subject only to the statewide 2.9 percent sales tax.



Read more: http://m.gazette.com/gov.-hickenlooper-colorado-marijuana-market-exceeds-tax-hopes/article/1514974

[Timez Squarez]

1. Good. If it exceeds tax hopes

then pour the taxes back to those who paid for it. The taxpayers. In a HUGE refund. Yearly.

TABOR and stuff.

[iamthebandfanman]

6. While a refund of some sort

might be in order..

id imagine if I lived in the state id want them to use it on roads, schools, etc...
but that's just me.

[pipoman]

12. Mental health and addiction services

For anyone who needs them should be first on the list imo.

[joshcryer]

14. It would be better to lower the tax.

Tax it as much as alcohol.

[Scuba]

2. People like to get high on a relatively harmless substance. Who knew?

Watch for a reduction in alcohol-induced accidents and crimes. I predict measurable benefits.

[wildbilln864]

9. and I wonder how much money will the prescription drug companies lose...

on antidepressants and pain killers. Won't need that zoloft, valium & prozac as much!

[Scuba]

10. Weird I know, but that doesn't bother me in the least.

[wildbilln864]

11. lol, nope me either. in fact I'm glad. n/t

[joshcryer]

15. This is almost certain.

It's the biggest thing I expect from these changes. Less alcohol related deaths or injuries.

[Arkana]

18. Not to mention skyrocketing sales of Funyuns and Cheetos.

[Iliyah]

3. Tax dollars benefiting CO, who knew - LOL

That gun company that left CO for TX - self profit.

[jtuck004]

4. And they allow you to grow your own, vs WA. Get a clue, folks. More money in it

when you are less restrictive, perhaps. And less of an unregulated market, perhaps.

[arcane1]

5. I'm hoping they'll develop a robust industry based on hemp products, too.

[RainDog]

7. k&r n/t

[Warren Stupidity]

8. other states desperately looking for revenue will follow colorado's lead.

[bigbrother05]

13. Likely to follow the lottery model, a few leaders initially

Then a flood of followers chasing the dollars regardless of the "moral" questions.

[Feral Child]

16. Sounds like victory to me,

now I'm waiting for the dominoes.

[imthevicar]

17. Now the other 48 will

Rush the Trough!

[jmowreader]

19. Well, 45 of the 48

Pot will never be legal in Idaho, Wyoming or Utah.