Cannabis Tax Revenue Exceeds Expectations in Colorado
Ryan Allway
February 20th, 2014
Policy, Top News
Colorado’s adult use cannabis sales are coming in far greater than expected, according to a Colorado budget proposal from Governor John Hickenlooper earlier this week. The proposal estimates that total cannabis sales next fiscal year would be approximately $610 million which will be taxed at 12.9% and bring in an estimated $98 million when all is said and done.
The budget proposal slates a good portion of the proceeds to be spent on prevention measures, including $45.5 million for youth use prevention, $40.4 million for substance abuse treatment, and $12.4 million for public health. A separate $5.8 million three-year campaign would also highlight the risks of marijuana consumption through traditional media outlets.
Governor Hickenlooper stated that the top priority would be creating an environment where negative impacts on children from cannabis legalization are avoided completely. An additional $40 million in tax revenue next year is also dedicated to school construction that should improve children’s access to a high quality education and ultimately improve livelihoods.
“Voters and state lawmakers around the country are watching how this system unfolds in Colorado, and the prospect of generating significant revenue while eliminating the underground marijuana market is increasingly appealing,” said Mason Tvert of the Marijuana Policy Project in a recent interview.
In 2012, initial tax calculations predicted only $39.5 million in sales tax revenue beginning next fiscal year.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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