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Colorado enjoying revenue windfall from pot law; first reports in.
Topic Started: Mar 11 2014, 08:19 AM (268 Views)
Pat
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Once the other states see the dollar signs, watch the tone of legislators and governors change. What state can't use an extra $140 billion in taxes each year? And this from sales that were already taking place prior to the law being passed. Jobs, business activity and revenue.


Colorado Recreational Weed Sales Top $14 Million In First Month

Posted: 03/10/2014 Recreational marijuana sales, Colorado's licensed dispensaries generated a total of more than $14 million, putting about $2 million of tax revenue into state coffers in the process.

The state Department of Revenue released the figures on Monday, which showed how much Colorado has taken in from both medical and recreational marijuana taxes and fees.

The medical marijuana sales for January generated an additional $900,000 in sales tax, for a total tax revenue of $2.9 million for both sides of the state's marijuana dispensary market. Including fees, the figure jumps to $3.5 million.

"The first month of sales for recreational marijuana fell in line with expectations," Barbara Brohl, executive director of the department, said in a statement. "We expect clear revenue patterns will emerge by April and plan to incorporate this data into future forecasts."

The figures represent the tax returns from 59 businesses around Colorado, according to the department.

The recreational marijuana tax numbers come from two levies that state voters approved last November -- a 10 percent special sales tax and a 15 percent excise tax.

Gov. John Hickenlooper (D) recently announced that he expects that the combined sales from both legal medical and recreational marijuana in the state will reach nearly $1 billion in the next fiscal year -- about $600 million of that is projected to come from just recreational sales. The state stands to collect at least $134 million in taxes and fees.
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campingken
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Colorado didn't let any grass grow under their feet when the voters legalized pot. Washington, on the other hand, just started issuing licenses...
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tomdrobin
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Wow, it sounds like a goldmine. Maybe a good way to get our roads fixed.
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Pat
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tomdrobin
Mar 11 2014, 11:16 AM
Wow, it sounds like a goldmine. Maybe a good way to get our roads fixed.
Once a government and the governed accept that human nature guides many to mind altering experiences, then the stupid drug war will be over and the product can be sold and taxed like other stimulants such as candy, chips, alcohol and tobacco. It's pretty clear from reading Colorado's estimates, that there has been a lot of un taxed revenue in the marketplace. I wonder how the pot tax haul compares to the taxes paid by Coor's brewery?
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Sea Dog
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Yes, pot is wonderful stuff!
I had a long time employee,
regular pot user,
You could see him slowly become stupider and less aware
as the years went by.
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Pat
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Sea Dog
Mar 11 2014, 11:58 PM
Yes, pot is wonderful stuff!
I had a long time employee,
regular pot user,
You could see him slowly become stupider and less aware
as the years went by.
The same can be said for employees that use alcohol to excess as well as tobacco products. So what is the point? The fact remains that humans often gravitate to mind altering substances. Have you ever consumed alcohol or smoked?
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Sea Dog
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Yes I have consumed alcahol in limited quanities.

I never drink more than two shots or beers.

I have never been impaired or drunk.

Yes, I did smoke for many years.
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Pat
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I think your example fits many, people use these substances. The government here and in Canada in my opinion, is infringing on the right to live unmolested by authority. I believe the only time government needs to address one's behavior is when the behavior infringes on others directly. In the same token, I don't believe that somebody who knowingly choose to use mind altering/physical altering substances should have any expectations that others will come to their aide or bail them out when they choose to use. Live and let live.

Since governments use sales tax and license fees to fund operations, by making a substance illegal removes the substance from normal channels of commerce and taxation. By removing laws that bar the use of a substance that is still being used illegally, the source of tax revenue is inadvertently directed to the illegal purveyor. The transactions are not prevented, just the ability to tax them are. As a result of legalizing pot, Colorado and Washington government will now regulate the purity of the products as well as collect tax revenue. A lot of tax revenue.
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campingken
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Health problems from smoking cost business and tax payers 100's of billions every year.

Sea what's the difference between and occasional pot smoker and your occasional drinking. My work experience has been that alcohol has done more damage than all other drugs (legal and illegal) combined.
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Sea Dog
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If you want to use pot,
OK by me.

I would never use it
and am happy that none
of my kids have seen the need.
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