The State Governor expects to raise over $34 million via Pot tax and sales revenues.
ForexMinute.com – Good factors or ill factors, medical and recreational marijuana has indeed brought high-revenue factors upon its legalization in Colorado. As per the reports, marijuana retailers and businesses in the state are expected to pay over $134 million in taxes. It has been just 18 months since the marijuana’s legalization in Colorado.
The estimations were given by the Colorado’s Governor John W. Hickenlooper in a budget proposal his office presented on Wednesday. “This package represents a strong yet cautious first step toward ensuring a safe and responsible regulatory environment,” he wrote in the proposal while also suggesting to spend over $99 million on various marijuana programs centered on its strict use.
Colorado has, as most of the marijuana businesses thinks, an unfair policy of implying taxes on all the phases, which is its production, sales and purchase. It further reflects in the estimates made by the state’s Joint Budget Committee, saying Colorado to generate a whopping revenue of $610 million by June 30th, 2015.
The governor’s proposal to spend few millions on regulating the use of marijuana is also one factor that cannot be ignored. They include $45.5 million to keep youth away from the pot; $12.4 million on health; $40.4 million on treating people subjected to substance abuse; $1.8 million for supervising inaccuracies in marijuana’s distribution; and $3.2 on law administration and public safety.
In other reports, budget analysts have also predicted Washington to earn a revenue of $190 million by 2015 through marijuana sales and taxes. The state is soon to avail pot to locals from the beginning of June. The money however again is to use for programs for health and substance abuse, as well as for constructing educational institutes.
To contact the reporter of the story: Jonathan Millet at firstname.lastname@example.org