Those wonderful taxes
Pot proponents and government accountants alike are cheering again, as the burgeoning legal industry paves the path to greater acceptance with money that really does “grow on trees”.
For the month of February, the taxes collected on the sale of cannabis totaled $4 million dollars. One of the biggest winning points of Amendment 64, which legalised adult use in Colorado, was the school-funding tax of 15% on wholesale cannabis transfers. The Amendment earmarks the first $40 million in annual tax revenue specifically for school construction.
There are 3 different taxes on recreational sales in the Mile-High State:
- The standard 2.9% sales tax, which occurs at the point of sale
- The 10% cannabis specific tax, much like “vice” taxes on alcohol or tobacco
- and the 15% excise tax on wholesale cannabis transfers, which affects the flow of product from growers to dispensaries
The statistical data for sales of medical and adult recreational cannabis show a…