Colorado's tax revenues from newly legal recreational weed sales came in more than 60 percent below projections, now they have to figure out why.
We're just asking because Colorado's tax revenues from newly legal recreational weed sales came in more than 60 percent below projections.
You people aren't buying that much legal weed. Even though you said you would! In November, when Colorado voters approved special taxes on recreational marijuana, the offical fiscal analysis estimated that Colorado would rake in $33.5 million in taxes by now.
But the actual tax revenue is $12 million. A market study for the Colorado Department of Revenue says that's because medical marijuana is cheaper. But we don't know … is there something you're not telling us? Does it smell bad or something? Is this like that time that you asked your mom incessantly for a football shaped like Hey Arnold's head, but when she got it for you, you threw it into a bush and never thought about it again?
Well, if you aren't going to play with the recreational pot you asked momma for, then tourists will. Tourists are actually spearheading recreational pot sales, far outpacing Coloradans who seem to only be interested in medical marijuana or playing with their butts.
Medical marijuana, however, you love. That's a different story. You've racked up nearly $3 million in tax revenue from medical marijuana alone, just in the second quarter of this year. So, if you bought medical weed at the same rate, Colorado would make roughly the same amount in tax from medical as they do from recreational. Except medical is way, way, cheaper than recreational, which shows how little recreational you're buying.
That doesn't look good for legalization efforts in other states. If the recreational tax is much less than expected, other states are less likely to push for fully legal weed, and more likely to just make medical marijuana more expensive.
Meanwhile, state economists have adjusted their predictions. A forecast in June significantly dialed back expectations for the current fiscal year — $30.6 million in special recreational marijuana taxes, compared with the roughly $100 million that was originally predicted. Yeesh.
So, consider this a PSA from us to you, to be less selfish about what you do with your paycheck. Instead of eating, buy recreational weed. Instead of repaying your druglord lest he slaughter your family, buy recreational weed. Hold off on that birthday present you promised your little sister … and buy recreational weed.
Obviously we kid, but you can't treat legal weed like the dog you really wanted growing up but never took care of because you went through puberty and became preoccupied with your newly sprouted chest hair, regardless of your gender. You gotta nurture that shit if you don't want it taken back to the pound.
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