Gov. Hickenlooper: Colorado marijuana market exceeds tax hopes

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http://gazette.com/gov.-hickenlooper-colorado-marijuana-market-exceeds-tax-hopes/article/1514974



FILE - In this Feb. 14, 2014, file photo, pot store employee Sam Walsh informs a first time customer about different strains of marijuana, a white board listing prices and sales tax, inside the retail shop at 3D Cannabis Center, in Denver. Colorado Gov. John Hickenlooper announced on Feb. 19, 2014 a plan to start spending nearly $100 million in marijuana tax money, the first signal of how much Colorado is reaping from recreational pot sales and what it plans to spend the money on.

Gov. Hickenlooper: Colorado marijuana market exceeds tax hopes
Associated Press - • Updated: February 20, 2014 at 5:50 am • Published: February 19, 2014

DENVER — Colorado's legal marijuana market is far exceeding tax expectations, according to a budget proposal released Wednesday by Gov. John Hickenlooper that gives the first official estimate of how much the state expects to make from pot taxes.

The proposal outlines plans to spend some $99 million next fiscal year on substance abuse prevention, youth marijuana use prevention and other priorities. The money would come from a statewide 12.9 percent sales tax on recreational pot. Colorado's total pot sales next fiscal year were estimated to be about $610 million.

Retail sales began Jan. 1 in Colorado. Sales have been strong, though exact figures for January sales won't be made public until early next month.

The governor predicted sales and excise taxes next fiscal year would produce some $98 million, well above a $70 million annual estimate given to voters when they approved the pot taxes last year. The governor also includes taxes from medical pot, which are subject only to the statewide 2.9 percent sales tax.