It looks like the excise taxes being put on marijuana in Colorado are serving as quite a benefit to the state’s schools, as it has collected over $2.3 million.
According to the stats by the Department of Revenue on Colorado.gov, the excise tax is 15% on retail marijuana and reportedly goes towards their public schools, including their construction fees.
They earned a total of $2,332,843 in January 2015 alone, which exceeds their amount from the same month last year by 10 times, with $195,318.
Back in November 2013, residents of the state voted for a 10% sales tax and a 15% excise tax on recreational marijuana sales, with other marijuana revenue going towards abuse programs, medical research, and police training.
The Denver Post reports that the increase is sensible, considering that many shops selling cannabis has increased greatly over the last year. There are around 300 shops reported in the state.
Colorado Collects $2.3 Million In Marijuana Taxes For Schools In First Month Of 2015 was originally published on globalgrind.com