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Legalized Marijuana = Millions For Public Schools In Colorado

  • Uploaded 3 years ago in the category News and Politics

    PROVIDED BY CNNNEXT.COM
    Published on Mar 16, 2015
    "Colorado collected $2.3 million in excise taxes on the sale of recreational marijuana during th

    ...

    PROVIDED BY CNNNEXT.COM
    Published on Mar 16, 2015
    "Colorado collected $2.3 million in excise taxes on the sale of recreational marijuana during the first month of 2015, 10 times the tax revenue generated in January last year.

    The 15% retail marijuana excise tax, which goes toward public schools and construction fees, earned exactly $2,332,843 in January 2015, according to a monthly report released by the state’s Department of Revenue.

    Last year, during the first month of sales, the school fund totaled $195,318.

    Residents voted in November 2013 for an aggressive 10% sales tax and a 15% excise tax on recreational marijuana sales.

    Medical and recreational cannabis-related revenue also comes from a standard sales tax, as well as license fees.

    Marijuana-related revenue not allocated to the school fund goes towards such things as substance abuse programs, medical research, and police training."

  • # Marijuana
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