Colorado is once again proving that being a legal marijuana state may be the way to go for states that are struggling to create revenue and erase deficits. Even more, it shows the federal government that if done properly, marijuana can be a legitimate option for creating economic recovery and surplus.
The latest numbers show that the marijuana tax for schools in Colorado raised more in the first five months of 2015 than it did for all of 2014. According to an article in KOAA.com, May excise tax collections showed that the recreational pot tax for school construction raised $3.5 million, bringing the 2015 total to $13.7 million. Last year, the tax brought in just $13.3 million in a twelve-month cycle.
The Denver Post reported that the increase is partly because there are more marijuana stores and because last year, shops were given a one-time tax-exempt transfer of their medical plants to the recreational pot side.
One negative to the news: even with the increased schools tax, the school construction tax probably won’t reach its $40 million maximum by year’s end.