Yesterday’s News — June 11, 2015
Colorado Taxes Got Too High, Now They Don’t Know What To Do With All This Cash
In an effort to further erode the state’s black market, Colorado will lower the sales tax on marijuana from 10% to 8% beginning in July of 2017. Governor Hickenlooper believes that by reducing the cost of legal cannabis, consumers will be more likely to purchase from legal dispensaries.
Dispensaries that, by the way, have made so much money Colorado has to give some back. But Colorado doesn’t want to. The Colorado Taxpayers Bill of Rights, or TABOR, “requires the state to issue refunds to taxpayers if the state’s spending or revenue collections exceed previous projections.” Ballot initiative HB-1537 “allows voters to approve the state keeping the 58 million in marijuana revenue.” If approved, 40 million will go to improving public schools, 12 million will go to the Marijuana Tax Cash Fund, which “oversees enforcement, prevention programs, public health initiatives, and cost of legalization,” and the remaining 6 million will be allocated to the state’s general fund.
What’s that? You want one more story about marijuana taxes in Colorado? Weekend Review Kit is here for you! On September 16, 2015, due to a “fiscal glitch,” all legal recreational cannabis sales will be untaxed. The holiday is expected to cost the state $100,000, which they can easily afford. Click the link below to read Forbes’ attempt to cram these three stories into one article:
Oregon Thinks Maybe Their Taxes Could Get a Little Bit Higher
Oh, I’m sorry, you meant you wanted a story about weed taxes in another state? Automatic, then, just for you. Oregon legislators are looking to implement a tax of up to 20% on recreational marijuana and have been reworking parts of Measure 91, the ballot initiative approved by voters last November. You can check out the article on The Oregonian here:
You should also check out The Weed Blog’s response by Johnny Green for some local perspective on the issue. He is not a happy Oregon resident and would like the politicians to follow the will of the people:
And These Lawyers Want To Help Your Business Make Sense of it All
If all this tax stuff is too much to handle on a Thursday morning, don’t worry, we can help you find a good lawyer. Attorneys in the Bay Area on Wednesday launched The Cannabis Bar Association, “the nation’s first professional body to specialize in helping businesses navigate complex marijuana regulations rather than in defending drug cases.” According to Allen St. Pierre, executive director of NORML, we brought these complications on ourselves by forcing cannabis out of the basement and into the realms of “acceptable society”: “As the industry goes from being verboten to being taxed and regulated as commerce, the lawyers like these come with that.” And we are grateful for those lawyers, as we don’t want to think any more about taxes today. Click below to read more if you do: