Colorado voters pass measure to tax marijuana sales for school funds

Lauren Williams's picture
Thursday, November 7, 2013

Further bringing marijuana into the mainstream, Colorado voters decided Tuesday to treat the blossoming industry like other businesses by passing hefty taxes designed to raise money for schools and regulation.

With 90 percent of the projected vote counted, the taxes were passing with 65 percent of voters in favor.

The measure, Proposition AA, implements a 15 percent pot excise tax plus a 10 percent sales tax — taxes that are estimated to bring in $70 million a year.

The taxes are in addition to a 2.9 percent sales tax that pot stores will be subjected to for marijuana regulation. Sales of recreational marijuana become legal in Colorado on Jan. 1.

Read more »