Marijuana Tax Money To Exceed Prior Expectations
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Marijuana Tax Money To Exceed Prior Expectations
Posted by CN Staff on February 20, 2014 at 10:48:59 PT
By John Ingold, The Denver Post
Source: Denver Post
Denver -- Colorado Gov. John Hickenlooper, who opposed marijuana legalization, is bullish about the revenue the legal cannabis industry will bring in for the state, according to a new budget proposal Hickenlooper submitted Wednesday.In the proposal, Hickenlooper's budget office says it expects the recreational and medical marijuana industries will pump nearly $134 million in tax and fee revenue into state coffers in the fiscal year beginning in July. Extrapolating from those figures, the proposal estimates sales in all marijuana stores to approach $1 billion for that fiscal year. Recreational pot shop sales are estimated to account for more than $600 million of that  a more than 50 percent increase over a previous projection.
However, the analysis also hedges its predictions."It is important to note that these amounts are estimates based on a number of assumptions of the new industry," the proposal states. "We anticipate that these projections will change monthly as more data is collected and actual revenue could fall short of these projections."Still, the tallies are the first state estimates to be released since recreational marijuana sales began in stores Jan. 1. And they are significantly higher than previous projections. The most comparable prior projection  a fiscal analysis attached to the bill last year that placed special marijuana taxes on the ballot  expected recreational marijuana stores to do about $395 million in sales in the fiscal year beginning in July.In an e-mail, Hickenlooper's budget director, Henry Sobanet, said the state now has better figures on the number of marijuana stores open for recreational sales and other factors."These estimates take into account things that ... we did not know several months ago," Sobanet wrote.Mike Elliott, the executive director of the Marijuana Industry Group, agreed that the projections will probably change as new stores open, old stores close, and marijuana tourists come and go."It's tough to make these predictions," Elliott said, "but the idea of this being a billion-dollar industry seems reasonable."SnippedComplete Article: Denver Post (CO)Author: John Ingold, The Denver PostPublished: February 20, 2014Copyright: 2014 The Denver Post Website: openforum denverpost.comCannabisNews  -- Cannabis Archives 
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Comment #4 posted by Hope on February 21, 2014 at 09:47:21 PT
Amen to that, The GCW.
Amen to that.
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Comment #3 posted by The GCW on February 20, 2014 at 23:55:16 PT
I'm with You.It may not be for the best moral reasons but end the Luciferous policy of caging responsible adults for using the God given plant which ever way they want. 
[ Post Comment ]

Comment #2 posted by Hope on February 20, 2014 at 18:42:33 PT
Kap thought the end of this debacle
would only come when they ran out of our money to do their number on so many heads. But I don't think he even foresaw that cannabis tax would be a noticeable income for government.It's a shame prohibition didn't stop just because it should have. But at least it's stopping. I'm not going to be too high minded, arrogant, or uppity to not be glad about less blood and tears shed. Goodbye Prohibition of Cannabis. How ever you go, I'll be glad when you're done.
[ Post Comment ]

Comment #1 posted by MikeEEEEE on February 20, 2014 at 17:17:37 PT
This is Amerika
Yes, its all about the $$$$$$$$$$$$$$$$$$$$$$$$$$$$
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