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View Full Version : Colorado Stoners Generate $1 Million in Tax Revenue in 1 Month



Cigar
02-04-2014, 08:15 PM
After only a month in business, the “Great Colorado Cannabis Experiment” is proving to be a profitable venture for the state. Recent sales records reveal that retail weed slingers were responsible for collecting some $1.24 million in tax revenue in January -- putting the state’s recreational marijuana industry on the fast track to earning over $100 million a year in taxes.

During a recent survey conducted by NBC News, half of Colorado’s licensed recreational marijuana retailers opened up their books and shared tax records for their first 27 days in business. Not only do these documents indicate that pot shops are generating higher revenue levels than expected, but it also points toward a time in the not so distant future when marijuana may generate more tax dollars than alcohol, or even cigarettes.

In 2013, Colorado managed to collect about $40 million in taxes derived from alcohol sales, as well as nearly $32 million from tobacco products. Cigarettes, however, were one of the state’s highest sources of tax income -- producing about $166 million. Yet, marijuana is poised to become the number one contender.

This is promising news for many state funded projects, especially Colorado schools. State law mandates that the first $40 million collected in recreational marijuana tax be applied towards bettering the state’s educational facilities. Additional revenue will be used to improve the conditions of the state’s roads, bridges and parks, according to recent reports.



http://www.hightimes.com/read/colorado-stoners-generate-1-million-tax-revenue


Outrage .. the world is going to end ... wait ... did they say 1 Million ? :shocked:

Green Arrow
02-04-2014, 08:27 PM
Yep, just as we in the legalization crowd promised. Now, take heart, Democrats. End the drug war, and your beloved big government will still get paid.

Max Rockatansky
02-04-2014, 09:06 PM
Works for me. I'm sure the other 49 states are watching this as they are trying to balance their own budgets.

Brewskier
02-04-2014, 09:11 PM
After only a month in business, the “Great Colorado Cannabis Experiment” is proving to be a profitable venture for the state. Recent sales records reveal that retail weed slingers were responsible for collecting some $1.24 million in tax revenue in January -- putting the state’s recreational marijuana industry on the fast track to earning over $100 million a year in taxes.

During a recent survey conducted by NBC News, half of Colorado’s licensed recreational marijuana retailers opened up their books and shared tax records for their first 27 days in business. Not only do these documents indicate that pot shops are generating higher revenue levels than expected, but it also points toward a time in the not so distant future when marijuana may generate more tax dollars than alcohol, or even cigarettes.

In 2013, Colorado managed to collect about $40 million in taxes derived from alcohol sales, as well as nearly $32 million from tobacco products. Cigarettes, however, were one of the state’s highest sources of tax income -- producing about $166 million. Yet, marijuana is poised to become the number one contender.

This is promising news for many state funded projects, especially Colorado schools. State law mandates that the first $40 million collected in recreational marijuana tax be applied towards bettering the state’s educational facilities. Additional revenue will be used to improve the conditions of the state’s roads, bridges and parks, according to recent reports.



http://www.hightimes.com/read/colorado-stoners-generate-1-million-tax-revenue


Outrage .. the world is going to end ... wait ... did they say 1 Million ? :shocked:

That math doesn't make much sense. If distributors were open for a month, and a little over 1 million in tax revenue was generated, how can they expect over 100 million in tax revenue for a year?

darroll
02-04-2014, 09:33 PM
Maybe the Zombie movies will lesson the fact that we will see allot more of them.
I'm not impressed by dope. You can smoke the hell out of it.
Life must be pretty stressful as you want to get stoned thru it.

keymanjim
02-04-2014, 09:57 PM
That math doesn't make much sense. If distributors were open for a month, and a little over 1 million in tax revenue was generated, how can they expect over 100 million in tax revenue for a year?
Munchies.

Max Rockatansky
02-05-2014, 06:52 AM
That math doesn't make much sense. If distributors were open for a month, and a little over 1 million in tax revenue was generated, how can they expect over 100 million in tax revenue for a year?

That's a projection as noted in the article below. Kinda like how Scott Walker is projecting to give back a billion dollars to taxpayers in 2015. Part of that projection is based on the fact only a fraction of the stores set to open are currently operating. Another factor is that those stores who have opened are out of product. Better supply (all grown in-state for Federal legal reasons) and more points of distribution would allow the annual $100M figure to become reality.


http://www.today.com/money/pot-buyers-add-more-1m-colorado-tax-coffers-2D12035047

In several cases, some of those sharing data had only sold recreational pot for four days due to complications with obtaining their state and local licenses.

In a back-of-the-napkin calculation, those who shared the data say they figure February’s tax collections in Colorado likely will exceed a quarter of a million dollars a day, putting it on pace to near $100 million annually.


When Colorado first considered legalizing recreational marijuana, it was estimated the first year’s tax take would be $67 million.


By comparison, Colorado took in about $39.9 million in sales, use and excise taxes from alcoholic beverages in fiscal 2013, according to the state Department of Revenue. Cigarettes generated $165.5 million in taxes, and tobacco products $31.6 million in the same fiscal year, July 1, 2012-June 30, 2013.

......Tvert believes the so-called “Colorado experiment” will be even more impressive in the coming months because, “obviously this is just the first month of sales and only a fraction of the businesses that are expected to be open are currently operating.”

Taxes paid for pot transactions in Colorado vary depending on the municipality where it’s sold.


All sales are assessed the standard state sales tax of 2.9 percent, plus there’s a special state sales and excise tax, and there’s also an extra local sales and excise tax in many cities.


In Denver, those taxes add up to nearly 29 percent.


But that’s not stopping customers.


At 3D Cannabis recently, Toni Fox had to close because she had run out of product. Despite a big “closed” sandwich board on the steps to her storefront, there was a steady stream of would-be customers knocking on the door.

zelmo1234
02-05-2014, 06:54 AM
That math doesn't make much sense. If distributors were open for a month, and a little over 1 million in tax revenue was generated, how can they expect over 100 million in tax revenue for a year?

democrat math

Max Rockatansky
02-05-2014, 06:56 AM
democrat math

What kind of math is Scott Walker using in Wisconsin regarding saving taxpayers a Billion dollars by 2015?

zelmo1234
02-05-2014, 07:00 AM
What we know is that it is raising a lot of tax revenue?

What is unknown is if the case of the Fuck its that pot use generally brings will cause economic hardships in other areas of the Government.

Don't get me wrong I do not have an issue with it being legal, as longs as they have testing for Unemployment and welfare benefits.

And I don't think we need to test for the first 26 weeks of unemployment, however for the extended benefits and welfare programs? YES

The public should not be paying to support a habit! But I also believe that we should be testing for Alcohol abuse in these same situations.

What is also unknown is weather on not the use of harder drugs will increase. If the Gateway theory, proves to be correct, then CO will experience the rise in violent crime that comes with the addiction to harder drugs.

So while it looks promising for revenue, we need to take a good look 5 years from now and see what this brings.

zelmo1234
02-05-2014, 07:07 AM
What kind of math is Scott Walker using in Wisconsin regarding saving taxpayers a Billion dollars by 2015?

http://althouse.blogspot.com/2013/10/wisconsins-760-million-surplus-89.html

When you are already 760 million in surplus with 2 years to go? It looks possible.

And they are estimating that many of the factories and businesses that fled IL will be opening in 2014!

They just scored ASKO NA and that will bring millions in revenue!

He has created an environment that is business friendly and that is bringing massive revenues to a state that had a 3 billion dollar deficit!

It is quite feasible that they will be able to cut taxes again in 2015 saving the people of WI a billion dollars.

Max Rockatansky
02-05-2014, 07:45 AM
http://althouse.blogspot.com/2013/10/wisconsins-760-million-surplus-89.html

When you are already 760 million in surplus with 2 years to go? It looks possible.

And they are estimating that many of the factories and businesses that fled IL will be opening in 2014!

They just scored ASKO NA and that will bring millions in revenue!

He has created an environment that is business friendly and that is bringing massive revenues to a state that had a 3 billion dollar deficit!

It is quite feasible that they will be able to cut taxes again in 2015 saving the people of WI a billion dollars.

Agreed. And this is different from the Colorado projections noted in the today.com link how?

donttread
02-05-2014, 07:52 AM
After only a month in business, the “Great Colorado Cannabis Experiment” is proving to be a profitable venture for the state. Recent sales records reveal that retail weed slingers were responsible for collecting some $1.24 million in tax revenue in January -- putting the state’s recreational marijuana industry on the fast track to earning over $100 million a year in taxes.

During a recent survey conducted by NBC News, half of Colorado’s licensed recreational marijuana retailers opened up their books and shared tax records for their first 27 days in business. Not only do these documents indicate that pot shops are generating higher revenue levels than expected, but it also points toward a time in the not so distant future when marijuana may generate more tax dollars than alcohol, or even cigarettes.

In 2013, Colorado managed to collect about $40 million in taxes derived from alcohol sales, as well as nearly $32 million from tobacco products. Cigarettes, however, were one of the state’s highest sources of tax income -- producing about $166 million. Yet, marijuana is poised to become the number one contender.

This is promising news for many state funded projects, especially Colorado schools. State law mandates that the first $40 million collected in recreational marijuana tax be applied towards bettering the state’s educational facilities. Additional revenue will be used to improve the conditions of the state’s roads, bridges and parks, according to recent reports.



http://www.hightimes.com/read/colorado-stoners-generate-1-million-tax-revenue


Outrage .. the world is going to end ... wait ... did they say 1 Million ? :shocked:

Sin taxes are a slippery slope. Hike them too high and the black market rides again

Peter1469
02-05-2014, 07:53 AM
I heard a news story recently stating that a lot of people in Colorado have not been buying their dope from the government approved stores, but from their old dealers. Once the transaction is done, I would think the police would never be able to tell that your marijuana was purchases illegally.

Max Rockatansky
02-05-2014, 08:01 AM
I heard a news story recently stating that a lot of people in Colorado have not been buying their dope from the government approved stores, but from their old dealers. Once the transaction is done, I would think the police would never be able to tell that your marijuana was purchases illegally.

No doubt. However, cranking up prosecution of illegal dealers just as is done against bootleggers and illegal cigarettes will make the risk not worth the cost.

zelmo1234
02-05-2014, 08:08 AM
Agreed. And this is different from the Colorado projections noted in the today.com link how?

Because we know that economic growth does not bring with it, higher crime rates, higher unemployment, and the social issues of drug use?

We know that in the past these things have happened in the drug communities!

So if it brings in a billion in tax revenue but the social issues cause 2 billion in spending? Then it was not such a good idea!

That is the difference

Max Rockatansky
02-05-2014, 08:52 AM
Because we know that economic growth does not bring with it, higher crime rates, higher unemployment, and the social issues of drug use?

Isn't that the argument used for alcohol and gambling prohibition? Are you favoring making alcohol and gambling illegal too? If not, why only marijuana?

Furthermore, please tell me how enforcing Federal laws against marijuana, and possibly alcohol and gambling, fit into the idea of State's rights and individual freedom and accountability?

patrickt
02-05-2014, 08:57 AM
Wow! $1,000,000 in tax revenues. Now, just imagine the tax revenues if we legalize cocaine, heroin, liquor for children, seize private property for cronies, and gambling. Tax revenues is what government is all about. Wait, wait, why doesn't the government just take everything and quit worrying about tax revenues?

Max Rockatansky
02-05-2014, 09:02 AM
Hmmmm....looks like someone had too many Tequila Sunrises again.

http://rlv.zcache.com/tequila_sunrise_gift_wrapping_paper-r03f88332cf014dfca8d40ce624f5b21e_iz8y4_8byvr_324. jpg

Shouldn't liquor be prohibited because too many people are alcoholics and cannot control themselves?

nic34
02-05-2014, 09:03 AM
What we know is that it is raising a lot of tax revenue?

What is unknown is if the case of the Fuck its that pot use generally brings will cause economic hardships in other areas of the Government.

Don't get me wrong I do not have an issue with it being legal, as longs as they have testing for Unemployment and welfare benefits.

And I don't think we need to test for the first 26 weeks of unemployment, however for the extended benefits and welfare programs? YES

The public should not be paying to support a habit! But I also believe that we should be testing for Alcohol abuse in these same situations.

What is also unknown is weather on not the use of harder drugs will increase. If the Gateway theory, proves to be correct, then CO will experience the rise in violent crime that comes with the addiction to harder drugs.

So while it looks promising for revenue, we need to take a good look 5 years from now and see what this brings.

Courts, law enforcement and the prison system are relieved of a huge burden....

patrickt
02-05-2014, 10:42 AM
Hmmmm....looks like someone had too many Tequila Sunrises again.

Gee, Max, I assume you were stoned and missed the news that prohibition didn't work.

http://rlv.zcache.com/tequila_sunrise_gift_wrapping_paper-r03f88332cf014dfca8d40ce624f5b21e_iz8y4_8byvr_324. jpg

Shouldn't liquor be prohibited because too many people are alcoholics and cannot control themselves?

Blackrook
02-05-2014, 01:03 PM
People who smoke dope will lose their jobs and become burdens on the safety net. I don't see legalization as helping the state in the long run.

Max Rockatansky
02-05-2014, 01:19 PM
People who smoke dope will lose their jobs and become burdens on the safety net. I don't see legalization as helping the state in the long run.

You and Carrie Nation have a lot in common.

http://www.motherjones.com/files/images/carry-nation-inline.jpg

Green Arrow
02-05-2014, 01:47 PM
What we know is that it is raising a lot of tax revenue?

What is unknown is if the case of the Fuck its that pot use generally brings will cause economic hardships in other areas of the Government.

Don't get me wrong I do not have an issue with it being legal, as longs as they have testing for Unemployment and welfare benefits.

And I don't think we need to test for the first 26 weeks of unemployment, however for the extended benefits and welfare programs? YES

The public should not be paying to support a habit! But I also believe that we should be testing for Alcohol abuse in these same situations.

What is also unknown is weather on not the use of harder drugs will increase. If the Gateway theory, proves to be correct, then CO will experience the rise in violent crime that comes with the addiction to harder drugs.

So while it looks promising for revenue, we need to take a good look 5 years from now and see what this brings.

Both the "gateway drug" theory and the "habit/addiction" theory have been proven incorrect with marijuana many times.

Blackrook
02-05-2014, 07:55 PM
Both the "gateway drug" theory and the "habit/addiction" theory have been proven incorrect with marijuana many times.
I personally known two people whose lives were ruined by overuse of marijuana. One guy flunked out of college. The other guy never moved out of his parent's house, never got a girlfriend, and never started his own family. Dope was the reason both these men failed in life.

Max Rockatansky
02-05-2014, 07:58 PM
I personally known two people whose lives were ruined by overuse of marijuana. One guy flunked out of college. The other guy never moved out of his parent's house, never got a girlfriend, and never started his own family. Dope was the reason both these men failed in life.

How many do you know who ruined their lives with alcohol or gambling? Know any who have a DUI? Committed suicide or murder? Abused their wives or kids? Divorced?

Ransom
02-05-2014, 08:40 PM
What kind of math is Scott Walker using in Wisconsin regarding saving taxpayers a Billion dollars by 2015?

He's giving the surplus back in the form of tax cuts thus making it easy for citizens of Wisconsin to do the math. Count how much less your property tax was one year to the next for example. Oops.

Green Arrow
02-05-2014, 08:43 PM
I personally known two people whose lives were ruined by overuse of marijuana. One guy flunked out of college. The other guy never moved out of his parent's house, never got a girlfriend, and never started his own family. Dope was the reason both these men failed in life.

Of course it was the dope, and not just because they were lazy motherfuckers.

Fortunately, your story is just anecdotal. Some of the smartest achievers I know are regular pot smokers and they are very successful in life.

Max Rockatansky
02-05-2014, 08:44 PM
He's giving the surplus back in the form of tax cuts thus making it easy for citizens of Wisconsin to do the math. Count how much less your property tax was one year to the next for example. Oops.

He's counting chickens before they've hatched. Great idea to give the taxpayers back their own money, but why all the hoopla about something that is almost 24 months in the future?

If Obama said "We're going to save a Billion dollars in 2015!" most RWNJs here would shit themselves trying to jump in and claim....wait for it.....he's counting his chickens before they've hatched.

Peter1469
02-05-2014, 09:41 PM
You and Carrie Nation have a lot in common.

http://www.motherjones.com/files/images/carry-nation-inline.jpg

Good God- that face will drive a man to drink! :shocked:

donttread
02-06-2014, 08:10 AM
Legal pot and society has not collapsed. Amazing

Captain Obvious
02-06-2014, 08:11 AM
More ways to take advantage of the lower class of our society.

zelmo1234
02-06-2014, 08:21 AM
More ways to take advantage of the lower class of our society.

Bingo! We have a winner!

Gerrard Winstanley
02-06-2014, 08:26 AM
Bingo! We have a winner!
If you want to play the social justice card, why don't we ban alcohol again? That's a far more severe plague on the poor and downtrodden than pot has ever been.

zelmo1234
02-06-2014, 08:29 AM
If you want to play the social justice card, why don't we ban alcohol again? That's a far more severe plague on the poor and downtrodden than pot has ever been.

Well the truth is we really don't know do we! At one time in this country opium and cocaine were legal too, and that did not work out so well!

The real issue is how many users will get a case of the Fuck its and end up loosing there jobs. and while this happens with alcohol too, I have had functioning alcoholics that were really good employee's. I have never had a pot user that I have been able to keep on staff?

Now maybe that is just bad luck but they just seem to loose there drive!

patrickt
02-06-2014, 08:29 AM
Both the "gateway drug" theory and the "habit/addiction" theory have been proven incorrect with marijuana many times.

If Green Arrow says it's true then it must be true. The Jillian Rule is in effect. Sadly, as with alcohol, I have known people who ruined their lives staying stoned. One even recognized what was happening and asked if I thought he was smoking too much dope. I responded by email and before my return email reached him I got another message that said, "No, that can't be the problem." He would drone endlessly about the wonders of marijuana. Legalization would solve the drug problem, the energy problem, the problem of insufficient tax revenues, and, well, any other problem that happened to come up You can smoke marijuana, burn it without pollution in power plants, make clothing from the plant. It's a miracle plant that will heal the world, according to my friend.

He died estranged from both of his children, not seeing his grandchildren,, and his life in shambles but as long as he had his smoke he was happy.

Edit:
"SEATTLE (CBS Seattle) – According to a recent study, fatal car crashes involving pot use have tripled in the U.S.“Currently, one of nine drivers involved in fatal crashes would test positive for marijuana,” Dr. Guohua Li, director of the Center for Injury Epidemiology and Prevention at Columbia, and co-author of the study told HealthDay News (http://www.philly.com/philly/health/topics/HealthDay684515_20140204_Fatal_Car_Crashes_Involvi ng_Pot_Use_Have_Tripled_in_U_S___Study_Finds.html) .
Researchers from Columbia University’s Mailman School of Public Health gathered data from six states – California, Hawaii, Illinois, New Hampshire, Rhode Island, and West Virginia – that perform toxicology tests on drivers involved in fatal car accidents. This data included over 23,500 drivers that died within one hour of a crash between 1999 and 2010."
http://seattle.cbslocal.com/2014/02/04/study-fatal-car-crashes-involving-marijuana-have-tripled/

"LAKEWOOD, Colo. (CBS4) – A device is making its way into schools to hide the smell and smoke of marijuana.
Students are using vapor pens, and they’re using them in classrooms. It’s becoming a problem at Lakewood High School.
“I’ve seen people in my math class and they’ll be sitting there with the teacher and they’ll be smoking it and they won’t even know,” said Jack Maestas, a student at Lakewood High."
http://denver.cbslocal.com/2014/02/05/students-find-way-to-secretly-smoke-marijuana-in-class/

Raising tax revenues is the really important issue.