Colorado Raked In $2.3 Million In Marijuana Taxes For Schools
Colorado has a different type of weed man, and his name is Excise Taxing.
Fortunately for residents, the green (pun intended) is going right back into the community. According to a monthly report from Colorado’s Department of Revenue, the state collected $2.3 million dollars for public schools.
In November 2013, residents voted for a 10% sales tax and a 15% excise tax on recreational marijuana sales, which led to a striking increase in sales for more than 300 dispensaries.
Not only are Colorado public schools prospering, but programs for abuse, medical research, and police training are also benefitting from the excise taxing. Last year’s funds totaled $195,318. Imagine how many pre-rolled joints that is.