By Steve Elliott
Hemp News
Colorado voters on Tuesday approved a statewide ballot measure imposing special excise taxes on legal marijuana wholesale and retail sales. The Denver Post called the election with Proposition AA ahead 65-35 with 65 percent of precincts reporting. Retail marijuana sales are scheduled to begin on January 1 in localities throughout Colorado, including the state's largest city, Denver, and they will begin in other cities throughout 2014.
The taxes make cannabis one of the most heavily taxed consumer products in the state, according to John Ingold at The Denver Post.
According to the state's voter guide, Proposition AA is expected to bring in $67 million a year. With $27.5 million going toward school construction, as specified in Amendment 64, the rest will to toward paying for regulation of legal marijuana stores. Some cities, which will also get a cut of the statewide tax on pot, plan to use the money for projects such as road repairs.
Proposition AA was referred to the ballot by the Colorado General Assembly in accordance with Amendment 64, the initiative approved by state voters in 2012 to regulate marijuana like alcohol.