Quantcast
Connect with us

Marijuana legalization would raise $32 million for Colorado: report

Published

on

If Colorado voters decide to legalize marijuana this November, the state could see more than $32 million in new revenue, according to a report by the Colorado Center on Law & Policy.

The report found that if Amendment 64 is passed, the state would gain about $24 million in new revenues from an excise tax on marijuana producers. Colorado would also see approximately $8.7 million in new sales tax revenues. Local governments would benefit as well, gaining around $14.5 million in new local sales tax revenue combined.

ADVERTISEMENT

In addition, the report found that the cost of arrests, prosecution, sentencing, and incarceration for marijuana-related crimes amounted to more than $12 million — all of which would become instant savings for the year following legalization.

The report is only a rough estimate of the new revenues and savings Colorado could benefit from if it legalizes marijuana. No modern nation has legalized the commercial production and sale of marijuana, so there is an absence of data regarding the budgetary effects legalization will have. The economic model created by the Colorado Center on Law & Policy assumes there will be a slight increase in marijuana users and a drop in the price of the drug.

If approved by voters, the Regulate Marijuana Like Alcohol Act (Amendment 64) would allow for the limited possession and cultivation of cannabis by adults age 21 and over. It would also allow the state and local governments to enact regulations on the commercial production and distribution of marijuana, as well giving local governments the option to prohibit marijuana sales altogether.

The ballot initiative would impose a 15 percent excise tax on marijuana producers. The first $40 million in excise tax revenue would go to the Public School Capital Construction Assistance Fund to build new schools in the state.

About 47 percent of Colorado voters support Amendment 64, while about 38 oppose it, according to a Public Policy Polling survey (PDF) conducted earlier this month.

ADVERTISEMENT

Seventeen states and the District of Columbia have enacted laws to legalize medical marijuana. But Colorado would be the first state to legalize the drug for recreational use. A ballot initiative to legalize marijuana in California, Proposition 19, was defeated in 2010.

[Marijuana and money via Shutterstock]

ADVERTISEMENT

Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

#PresidentPelosi Trends After Sondland Testimony Implicates Pence in Trump Ukraine Scheme

Published

on

The hashtag #PresidentPelosi was trending Wednesday as Ambassador Gordon Sondland testified to the House Intelligence Committee in the impeachment hearings on President Donald Trump's Ukrainian schemes for assistance in the 2020 election and implicated Vice President Mike Pence in the effort.

If Trump and Pence are both removed from office over their involvement in the plot, the next in line for the presidency is House Speaker Nancy Pelosi (D-Calif.).

"I'm fine with Pelosi serving as interim president until we hold an election," tweeted activist Bree Newsom. "Both Trump and Pence are implicated in this conspiracy to extort Ukraine."

Continue Reading

Breaking Banner

Trump claims not to ‘know’ Gordon Sondland very well — but the evidence suggests otherwise

Published

on

President Donald Trump attempted to distance himself Wednesday from his hand-selected European Union Ambassador Gordon Sondland. At the same time, Trump claimed that Sondland’s stunning testimony, which alleged that the president had ordered a “quid pro quo” with Ukraine, in fact, vindicated him.

“Was there a ‘quid pro quo’?” Sondland said in his testimony to the House Intelligence Committee Wednesday. "The answer is ‘yes.’”

Sondland further claimed that “everyone was in the loop” and all actions were “directed” by the president.

Continue Reading
 

Breaking Banner

The latest GOP defense of Trump crumbles in impeachment hearing

Published

on

It was a day of blockbuster day of testimony from E.U. Ambassador Gordon Sondland, in which Sondland — who once gave Donald Trump a million dollars for his inauguration — decided to save his own hide by ratting out not just Trump and his lawyer, Rudy Giuliani, but seemingly half the senior staff of the White House.

Continue Reading
 
 

Happy Holidays!

As a special thank you from all of us at Raw, we're offering Raw Story ad-free for 15% off - just $2 per week. Now 'til Dec. 31st.
Offer Expires In:
close-link