Congratulations, Colorado residents. You can now flash that red-eyed, dazed smile at your local police officers without worrying about being thrown in jail for the skunky bag of weed in your pocket. Your state prison system -- and yearly tax revenue figures -- will thank you.
On New Years day, marijuana dispensaries across the state pulled in over $1 million in collective marijuana sales. Residents are so enthusiastic about being able to purchase legal marijuana that many dispensaries are having to place an eighth of an ounce cap on how much each customer can buy at a time.
So, just how much tax revenue does the state expect to make in 2014 from marijuana sales? Right now, the figure is pegged at $70 million dollars. Cannabis sales in the state will be subject to a 25% tax -- 15% of it an excise tax and the other 10% a sales tax.
On New Years day, customer lines were seen flowing out the door at many shops across the state. The Denver-Based shop dubbed “Medicine Man” (read in your best Cheech and Chong voice as ‘Medicine, maaan’) reports that they are selling eighth-ounces for about $65 a piece right now. The state is expecting dispensaries to make a collective $600 million in sales revenue during their first years of fully legalized operation.
Though Colorado is the first state to legalize recreational marijuana use, Washington is not far behind. The bud lovers of the great northwest voted to legalize marijuana in 2012, and dispensaries are expected to open in the state later on in 2014.