Colorado had already broken all marijuana sales records by the end of November, with one month still to be counted. According to early reports from the Department of Revenue, 2020's total marijuana sales tally should land between $2.1 and $2.2 billion — easily surpassing 2019's final total of $1.74 billion.
That means the state will collect a record amount of tax money from the marijuana industry. Where does all that cannabis cash go? Readers have some suggestions — and get schooled — on the Westword Facebook page, where we posted "Colorado Marijuana Sales Broke $2 Billlion for 2020 by November."
Wonders Genishia Chuck:
Where's the tax money going, though?
It, umm, goes up in smoke.
Yet taxes still being raised and there's nothing to show for it.
That's because all the tax revenue lines pockets before it goes to schools and infrastructure.
Wish they’d use the marijuana taxes for the roads.
You realize that they have a website that shows exactly where the money goes, right?
The first $40 million of sales tax on marijuana sales goes to Colorado schools for new construction and upgrades.
Ten percent of the revenue from the 15 percent tax on marijuana retail sales is allocated to local governments and apportioned according to the percentage of marijuana retail sales occurring within city and county boundaries. The remaining 90 percent is allocated as follows:
71.85% to the Marijuana Tax Cash Fund;
15.56% to the General Fund; and
12.59% to the State Public School Fund.
I’d like to stay high, like the numbers.
For the record, you can find the marijuana sales-tax allocation on this Colorado Department of Education website.
Do you think the tax rate is fair? Where do you think the state should use the cash it collects from cannabis sales? Post a comment or share your thoughts at email@example.com.
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