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Colorado Governor Projects $99 Million In Marijuana Tax Revenue In 2014

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colorado legal marijuana salesDENVER – History will be made again today in Colorado as the state collects the first-ever tax revenues from the legal sale of adult-use marijuana. Today is the deadline for Colorado’s adult-use cannabis businesses to file sales taxes for January 2014, the first month of legal, retail marijuana sales in the nation.

Data on the sales tax revenue collected will not be available from the Colorado Department of Revenue until sometime in March. But yesterday, Governor John Hickenlooper announced an initial budget plan for adult-use marijuana sales tax revenues that assumes the state will collect approximately $99 million in 2014. Those sales tax revenues come on top of the revenues from a 15% excise tax on wholesale cannabis, which is earmarked specifically for school construction projects.

“This is a watershed day,” said NCIA executive director Aaron Smith. “Colorado voters led the world in supporting a legal, taxed, and regulated approach to cannabis, and now they’ll reap the benefits of a prosperous new industry and tax base.”

“Today, our members in Colorado are proudly contributing to their communities like any other responsible business, and it’s a victory for the entire state. Elected leaders in other states and in Washington, D.C., ought to be taking note and moving federal policies into harmony with state law.”

Source: National Cannabis Industry Association

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Johnny Green

17 Comments

  1. If only I (could afford) and knew how to use photoshop — I’d add some red lines into this lens-eye view. :)

  2. Vincent Nibblin on

    You just flashed me back to my teens! Columbian red bud, Santa Marta gold, Hash oil, Thai stick, Red lebanese hash,

  3. The Grim Reefer :) on

    I agree nobody wants anyone hurt in the crossfire, even with banks in the picture there will be thefts
    after hours, anyone guarding the buds needs protection from being hurt.

  4. Vincent Nibblin on

    Cannabank is a great idea, The idea of employing vets is meant to be a deterrent to prevent crime from taking place, off duty police would also work. Any non lethal means would be fine by me.

  5. A smaller bank might eventually step up and permit legal cannabis retailers and growers to deposit money. Alternatively, legal businesses could just start their own bank (“CannaBank”?) In either case,until these businesses can accept something other than cash, they are at risk. I’m all for employing veterans, but the idea of getting caught in a shootout while shopping for buds isn’t that comforting.

  6. Public Service Entertainment (PSE) Channel
    Always Tuned In
    ——————————————————————

  7. Hopefully Colorado leadership doesn’t turn tail and shows some back bone when the feds start trying to control the system.

  8. The Grim Reefer :) on

    This is a great thing for the state, This kind of money will get other states onboard. In a related issue there has been a rash of robberies and thefts during and after store hours. Owners of these shops are worried and whining to the media. The solution is very simple, they are making money hand over fist and each shop should spend the money to protect themselves 24 hours a day. There are a lot of gulf war vets that need a job and know how to handle a firearm. I know this will be a future story here on weed blog. Just my 2 cents

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