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Tax revenue from cannabis hits half billion milestone in Colorado

Logan Lowrey-Rasmussen

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Colorado’s cannabis programs hit a milestone when VS Strategies reported a total of $506 million in state coffers since 2014.

TAX BREAKDOWN

  • $117.9 million was used for fund school construction.
  • $5.7 million was placed into the public school fund.
  • $1.5 million created programs addressing school drop outs, bullying, mental health, and substance abuse prevention.

The tax laws were modified on July 1 to increase retail cannabis taxes from 10 percent to 15 percent along with a 15 percent excise tax on transferring wholesale social cannabis. 

Mason Tvert and Brian Vicente from VS Studies, who co-directed the campaign to legalize social cannabis use, will present Rep. Jonathan Singer with a jumbo check for a half billion dollars.

“We hope lawmakers will continue to distribute these funds responsibly and not lose sight of what voters intended when they opted to regulate and tax marijuana similarly to alcohol,” said Tvert.

The Colorado Department of Revenue previously reported another record when cannabis sales collectively hit $127.7 million, the twelfth month in a row which sales have exceeded $100 million.

 

 

 

 

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