(CO) to Fund School Construction Through Marijuana Tax

[Jesus Malverde]

Marijuana smokers in Colorado will be able to legally light up from January 1, but they’ll have to pay the state government for the pleasure following a statewide vote.

Voters in the Rocky Mountain state approved a ballot measure to tax legally sold recreational marijuana, with a 15 per cent excise levy on wholesale deals and a sales tax of up to 15 per cent on retail sales.

The two taxes are projected to bring in $US70 million ($AU73.92 million) per year. Up to $US40 million ($AU42.24 million) of that money is earmarked for school construction, with the remainder slated to pay for state regulation of marijuana and drug education.

Colorado voted to legalize marijuana in last year’s federal election, with 55 per cent of voters in favour of the measure. The measure to tax the drug passed far more handily, with voters opting for the tax by approximately a two-to-one count.

See more at: http://sourceable.net/colorado-fund-school-construction-marijuana-tax/