Talk about high taxes
DENVER, CO – Voters in the state of Colorado approved Proposition AA by a 64 to 35 percent vote. The bill demands a 15 percent excise tax (built-in) and a 10 percent sales tax at the point of sale.
Brian Vicente of the Committee for Responsible Regulation said that, “The passage of Proposition AA today completes the historic process of regulating and taxing marijuana in the state of Colorado. “We are now poised to demonstrate to the world the benefits of ending marijuana prohibition and embracing this new system.”
Executive director of the Medical Marijuana Industry Group Michael Elliott said that the passage of Proposition AA “means Colorado will have a strong and well-funded regulatory system, along with funding for education, prevention, treatment, and other safety issues that may arise.”
Proposition AA is expected to bring in approximately $67 million a year. Of that, $27.5 million would go toward the construction of schools. The rest of the money would go toward the regulation of the dispensaries and some cities are reportedly looking at using the money for road repairs.