Colorado Schools Get $2.3 Million From Marijuana Taxes

Business
Colorado Schools Get 2.3 Million From Marijuana Taxes

Colorado has now found its weed groove, generating record amounts of tax revenue from recreational marijuana sales just a little over a year removed from the first day of legalization.

Statewide retail marijuana sales-tax receipts increased by 153 percent in January, totaling $3.5 million this year, according to the Denver Business Journal. It’s a massive difference compared to the paltry $1.4 million made last January, when selling recreational pot first became legal.

The big winner is not just the Colorado government, but its public schools as well.

According to a monthly report from Colorado’s Department of Revenue, the state’s 15 percent excise tax on recreational pot sales has collected $2.3 million just for the schools alone.

Since legalizing marijuana last year, the state has generated millions in taxes, which has provided for prosperous schools, as well as programs for abuse, medical research, and police training.

Now that’s thinking of the children.

Story by Oscar Pascual at Smell The Truth. Be sure to check out Smell The Truth for all the latest and greatest cannabis news.