We’re barely into the year, but Colorado has happily been raking in the dough when it comes to its budding weed industry. With the notoriously high rate of taxation, have you wondered where the money is going? A couple of days ago, Colorado’s Governor John Hickenlooper submitted a revised budget proposal, which has certainly had more than a few people talking about the intentions of the tax money.
Sales of recreational marijuana in Colorado have skyrocketed since it became legal, and along with that, the amount of money that’s been pulled in from the taxes of said sales has exceeded the original expectations by a pretty decent margin. Please note, not all cities allow recreational marijuana but cities like Denver are very profitable. Between the first of this year and the end of the next fiscal year, which will roll around on June 30, 2015, the new projected estimates are looking for about $610 million dollars in total revenue from the sales of recreational and medical marijuana.
With extra money, the state isn’t likely to let the extra green go to waste. As such, when Hickenlooper submitted his new budget proposal, about $103.5 million dollars have found their way to the decision table with the following assortment of allocations up for approval (or denial):
$45.5 million for the education and prevention of marijuana use with youth
$40.4 million for substance abuse treatment
$12.4 million for public health initiatives
$1.8 million for regulatory oversight
$3.2 million for public safety and law enforcement support
$200,000 for “statewide coordination”
There’s a lot of money being made, and responsible expenditure of the cash is necessary to ensure that all of the eyes that are on Colorado get to see success, rather than failure.