Colorado Earns Tax Free Pot Day
The cannabis capital of the country, also known as Colorado, has reportedly made more tax revenue from their total marijuana sales as compared to alcohol. The Colorado Department of Revenue reported that cannabis sales in the state totaled in more than $70 million while alcohol sales did not surpass $42 million.
“Marijuana taxes have been incredibly productive over the past year," said Mason Tvert, director of communications for the Marijuana Policy Project. "So this tax holiday is a much-deserved day off. This will be the one day out of the year when the state won’t generate significant revenue. Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state.”
The Coloradan fiscal year of 2014-15 generated $69,898,059 in tax revenue from cannabis sales. Apparently, people spend more money on weed than they do on liquor, which causes for the large profit in the pot industry. It also benefits the cannabis tax system which is designed to rake in plenty of dollars.
Now that Coloradan's see the effects of legalizing cannabis, they're shocked that it took so long to become this way. “It’s crazy how much revenue our state used to flush down the drain by forcing marijuana sales into the underground market,” Tvert said. “It’s even crazier that so many states are still doing it."