The decision to legalize marijuana could provide a huge boost for state coffers in Colorado.
A report from the Colorado Joint Budget Committee projects that taxes collected on marijuana sales during the first year and a half since such sales became legal in the state will bring in $184 million in tax revenue. That’s a big chunk of the estimated $610 million in total medical and recreational marijuana sales made in Colorado during that period, CNN notes.
Colorado will generate so much tax money from marijuana sales because it taxes the drug three separate times. Marijuana growers are taxed when the plants are harvested. Marijuana sellers face a tax each time they sell the drug. And buyers are hit with a sale tax, too.
Of the money Colorado takes in from marijuana sales, $103.5 million has been requested for substance use prevention and treatment, as well as enhanced regulatory oversight, public health and law enforcement.
Marijuana sales became legal in Colorado at the start of this year. Colorado voters approved legalization of marijuana sales in November 2012.
More Marijuana News:
- Marijuana Is Legal In Colorado, But Landlords Are Banning It
- Colorado Marijuana News: Pot Amnesty Boxes Installed at Airport
- Legal Pot Rules Differ Between Washington, Colorado
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