Rocky Mountain High. John Denver would be rolling over in his grave if he knew just how prophetic his iconic 1974 country song really would be. Since legalizing marijuana earlier this year, Colorado is anticipating $100 million in cannabis tax revenue. Within the first month of retail sales, businesses reported $1.24 million in tax revenue alone, and lines in front of dispensaries were out the door all over the state.
By contrast, Colorado collected about $40 million in sales, use and excise taxes from the sale of alcoholic beverages in 2013, according to the state Department of Revenue. Don't get me wrong, Colorado is a state known for it's high quality beer, but it seems their newly legalized marijuana market is simply going to overshadow it.
Since Coloradans legalized pot in 2012 and initiated the tax and regulation of legal cannabis sales starting Jan. 1, 2014. At least 156 marijuana retail stores are slated to open in the state. Ever since the Ammendment 64 passed, speculation arose as to how Colorado would be able to manage a legal weed market.
Unlike other states trying to legalize marijuana, Colorado's measure set parameters for recreational use and sales. Residents 21 and over are allowed to purchase up to an ounce at a time, can only consume it on private property with consent and may not transfer it across state lines. Non-residents may purchase a quarter ounce at a time and are held to the same transportation restrictions.
A 15% excise tax and a special 10% sales tax will bring the price of a $250-300 ounce of good weed well above the market price for similar medicinal strains, but it's clear that Coloradoans seeking out that Rocky Mountain High aren't too bothered by the sticker shot.
In 2014, expect to see Washington and Oregon use the Colorado template for their own pushes to legalize marijuana, and ever since Congress urged Obama to delist cannabis from the schedule 1 drug classificaiton, there is no telling what the future of legal pot may hold.
This article is copyrighted by Travelers Today, the travel news leader
