Home / AMERICAN NEWS / Marijuana sales in Colorado to hit $1 Billion

Marijuana sales in Colorado to hit $1 Billion

Sales of marijuana in the state of Colorado are predicted to hit the $1 billion dollar mark according to figures in Governor John W. Hicklooper’s budget proposal for the next fiscal year.  Additionally, his budget also reports sales tax on marijuana for the year to pass $100 million.  Colorado’s marijuana farmers and vendors reported and paid their January sales taxes on February 20 and gave the governor a good idea of legalized marijuana’s effect on the budget.

This comes as a result of last November’s election when voters OKed Amendment 64 which legalized the use of marijuana.  It also authorized a 10 percent sales tax and a 15 percent excise tax on marijuana.  On March 10 the state of Colorado publishes its first account of marijuana sales tax revenue to the state’s Department of Revenue.  This will report specifics on the first month of legal marijuana sales there. It’s believed that officials in other states will be studying the numbers too.

marijuana

Marihuana

Meanwhile, the state of Colorado plans on spending $40 million to build new schools and has earmarked other funds for health care and substance abuse programs.  Despite all of this, some economists have their doubts about the projected figures.  Opponents believe that their will be an increase in costs in both law enforcement and industry regulation which could exceed potential profits.

The opposition also argues that the illegal marijuana market will continue.  A recent survey in Medical Marijuana Business Daily revealed that 61 percent of the state’s marijuana users would rather buy their marijuana from a legal vendor rather than a drug dealer on the street.  Furthermore, a recent Gallup poll shows that the legalization of marijuana is now supported by 58 percent of Americans.  Supporters of legislating legalization are currently hard at work in several other states including Oregon, Nevada, California, Arizona and Alaska.  Considering Colorado’s projected numbers from the legalized sale of marijuana this should be no surprise.

(Image courtesy of Wikipedia)

About Will Phoenix

W. Scott Phoenix, B.A., B.S. was born in Hawaii, raised in Pennsylvania and resides in California. He has been a published writer since 1978. His work has appeared (under various names) in numerous places in print and online including Examiner.com. He is a single parent of three children and has also worked as an actor, singer and teacher. He has been employed by such publications as the Daily Collegian and the Los Angeles Times.
  • tennesseetuxedo59

    this is based on a a small bunch of dispensaries selling at twice the legal price .How is that possible ? The price should be one tenth of what it was! Those responsible for setting this effed up big time and the dispensaries with their monopoly are ripping everyone off but the state loves the taxes .the voters did NOT want this

    • Will Phoenix

      Hi Tennessee!
      I cannot speak to what you claim in your comments but I appreciate you posting them. I’d encourage you to post links to back up your comments but i don’t think the software would allow it. I have heard a concern about big business moving in but have not read anything about price complaints. (Mind you I have never bought weed (in Colorado) so i could not tell you what the current street price is nor comment on the quality. Thanks for reading my stuff!

      • tennesseetuxedo59

        not big business, a limited number of dispensaries charging double what they charged the day before it became legal those in charge fixed it so only those who were in business could sell pot . these crooks are taking advantage of their monopoly situation. the novelty will wear off and the black market will be a cheaper source. shame on the dispensaries. those who are sick cant afford double the prices

    • Will Phoenix

      So you’re saying that if you want a normal price you have to go to one of the other places or buy it off the street? Feel free to quote figures I know that won’t be blocked. It would seem you would expect to pay a little more for the convenience and quality but twice just seem a bit much even with having to pay sales tax.

      • tennesseetuxedo59

        price was 180 to 240 oz now it doubled if the price plummeted like it should have then the convenience would be worth it. street weed is good too .consider that u can gro it for free too and these jacked up prices are for tourists and the people too lazy to grow it

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