Marijuana money: $21 million in Colorado weed tax revenue up in smoke
- 9 years ago
The weed market in Colorado was expected to rake in $33 million in the first fiscal year. But smokers are figuring out how to avoid marijuana taxes.
Despite the 600,000 regular pot smokers in Colorado, the state has come up millions of dollars short in marijuana tax revenue.
One reason is that buying weed from mom and pop pot shops is expensive -- it’s taxed at 29 percent. So thousands of smokers use medical marijuana cards instead, paying just a 2 percent tax rate.
Savvy smokers also know they can save money by growing up to 6 marijuana plants in the comfort of their own homes.
And even when they do get customers, store owners often lack the loans they need to stay open.
That’s because national banks refuse to deal with them. Weed is still illegal on the federal level, which could cause trouble for banks involved in the marijuana market.
Colorado did manage to rake in about 12 million dollars from marijuana by the end of June, but that was well below the predicted 33 million.
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Despite the 600,000 regular pot smokers in Colorado, the state has come up millions of dollars short in marijuana tax revenue.
One reason is that buying weed from mom and pop pot shops is expensive -- it’s taxed at 29 percent. So thousands of smokers use medical marijuana cards instead, paying just a 2 percent tax rate.
Savvy smokers also know they can save money by growing up to 6 marijuana plants in the comfort of their own homes.
And even when they do get customers, store owners often lack the loans they need to stay open.
That’s because national banks refuse to deal with them. Weed is still illegal on the federal level, which could cause trouble for banks involved in the marijuana market.
Colorado did manage to rake in about 12 million dollars from marijuana by the end of June, but that was well below the predicted 33 million.
-------------------------------------------------------------
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
For news that's fun and never boring, visit our channel:
https://www.youtube.com/user/TomoNewsUS
Subscribe to stay updated on all the top stories:
https://www.youtube.com/channel/UCt-WqkTyKK1_70U4bb4k4lQ?sub_confirmation=1
Visit our official website for all the latest, uncensored videos: https://us.tomonews.net
Check out our Android app: http://bit.ly/1rddhCj
Check out our iOS app: http://bit.ly/1gO3z1f
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