Colorado county issues first-ever marijuana tax figures

Wild-Bill

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Big pharma is not going to like this... Not one bit.

I bet the pharma lobbyists on K Street are scrambling to stop what IS going to be a reality.

County Clerk Gilbert “Bo” Ortiz told the Associated Press that the marijuana industry could generate as much as $670,000 in new tax revenue for Pueblo County in 2014. If the current pace continues, Gilbert said, the state will earn $11.2 million in marijuana sales this year. That is especially remarkable when considering that the county’s annual budget is $165 million.
Link

The estimate quoted above was for ONE county.

Its time to legalize marijuana once and for all, and then use that money to repair our crumbling infrastructure. There's an idea..
 
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Michael Goff

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If it gets the state 11 million dollars a year, that's great.

Just imagine what California would bring in, or Texas, or New York.
 

Wild-Bill

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If it gets the state 11 million dollars a year, that's great.

Just imagine what California would bring in, or Texas, or New York.
Exactly. They are estimating revenue of almost ten percent of the state's budget. And I'm sure it is a conservative estimate.

Within one year, states have the potential to bring in tax revenue of 10% or more of their budget.


Alas, one of the great maxims I heard so often still rings true: "common sense is never a common virtue".
 

zioxide

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Its time to legalize marijuana once and for all, and then use that money to repair our crumbling infrastructure. There's an idea..
Gov. Chafee from RI made a comment to this effect yesterday. Mentioned how bad all the potholes are right now in the Northeast and mentioned legalizing it to use most of the budget to fix the infrastructure.. essentially starting a program called Pot for Potholes. :D;)

If it gets the state 11 million dollars a year, that's great.

Just imagine what California would bring in, or Texas, or New York.
This is just one county!

The latest estimates for the entire state of Colorado I saw pegged the first year of marijuana tax income at over 150 million.
 

Michael Goff

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Exactly. They are estimating revenue of almost ten percent of the state's budget. And I'm sure it is a conservative estimate.

Within one year, states have the potential to bring in tax revenue of 10% or more of their budget.


Alas, one of the great maxims I heard so often still rings true: "common sense is never a common virtue".
And that's without the eventual thing where marijuana loses the remaining stigma that it has an even more people use it.
 

Wild-Bill

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And that's without the eventual thing where marijuana loses the remaining stigma that it has an even more people use it.
Wait.... W H A T ?!?!?!? You mean the movie 'Reefer Madness' isn't true? :eek:

No one has ever died from it?!? :eek:

It has proven medicinal value ?!?! :eek:
 

Wild-Bill

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Wrong,

The state estimates a revenue of almost 10% of pueblo county's annual budget.

State budgets are in the Billions of dollars.
Right, and if every county in every state brought that in, it would approach the state level, was my semi-coherent assertion. - my mistake

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You need to sit down for a minute, I take it?
No no no. Forgot to put a :p at the end of my reply.

Of course, the unfair stigma marijuana has endured is due to sheer ignorance.
 

SLC Flyfishing

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Right, and if every county in every state brought that in, it would approach the state level, was my semi-coherent assertion.
Right there in the link you posted, it says the state expects to make $11.2million on marijuana. Colorado's total budget including federal funds is $20.5billion.

So Marijuana represents 0.05% of that.

A significant boost in revenue indeed ;)
 

Michael Goff

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Right there in the link you posted, it says the state expects to make $11.2million on marijuana. Colorado's total budget including federal funds is $20.5billion.

So Marijuana represents 0.05% of that.

A significant boost in revenue indeed ;)
It's a boost with no downside, though.
 

SLC Flyfishing

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Renzatic

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Right there in the link you posted, it says the state expects to make $11.2million on marijuana. Colorado's total budget including federal funds is $20.5billion.

So Marijuana represents 0.05% of that.

A significant boost in revenue indeed ;)
Extra money being made is extra money that wasn't being made before that can now be spent. Even if it's only a small portion of the overall income of the state, it's still income.
 

Michael Goff

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That depends on who you ask/what you consider downside. No doubt DUI, traffic accidents etc can be expected to increase. We've seen that already in WA.

And to put it in perspective. I have an annual budget of $80K. If I saw a similar increase to my annual budget (0.05%) I would get an additional $40.
Really? Huh.

Guess we need to do a little education campaign?
 

Renzatic

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Really? Huh.

Guess we need to do a little education campaign?
Comparing the income of a state to his own personal income is a bit of false equivalence, because no matter how you look at it, 40 bucks is very obviously a helluva lot less than $670,000.

On the county level, that amount of money could go pretty far, and it's all money that wasn't there before.
 

Michael Goff

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Comparing the income of a state to his own personal income is a bit of false equivalence, because no matter how you look at it, 40 bucks is very obviously a helluva lot less than $670,000.

On the county level, that amount of money could go pretty far, and it's all money that wasn't there before.
I meant the DUI thing.

We need to make sure people know to not smoke and drive. There seems to be this notion that it's safer than drinking and driving.
 

Renzatic

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I meant the DUI thing.

We need to make sure people know to not smoke and drive. There seems to be this notion that it's safer than drinking and driving.
Ahh. I was only reading the numbers part.

Officially, it kind of is. People under the influence of Tha Jane are less likely to lose control of their car than someone drunk. But I do agree that it's not something I'd greatly tolerate. When people are out driving 2 tons of vehicle at high speeds, I want their full, undivided, and completely sober attention on the damn road.

You could solve both problems the same way, though. With year long revoked licenses and a healthy administering of cattle prods.

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You mean like the new cheese-STUFFED Doritos they are testing at 7-11's ?
:p
Gawd. You'd have to be high to eat something like that.

...plus I bet they're not anywhere near as good as pizza Combos.
 

zioxide

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Right there in the link you posted, it says the state expects to make $11.2million on marijuana. Colorado's total budget including federal funds is $20.5billion.

So Marijuana represents 0.05% of that.

A significant boost in revenue indeed ;)
This article is terribly written and doesn't convey the numbers correctly.

At one part, they say $11.2 million, and then later on in the article, they say $67 million. These are both very conservative estimates.

Here's a CNN article from a few days ago with updated estimates:
http://money.cnn.com/2014/02/20/news/economy/marijuana-taxes-colorado/

Colorado expects to take in about $184 million in tax revenue from marijuana in the first 18 months after legislation.
This estimate shows $184 million in the first 18 months, or about $122.6 million per year in increased tax revenue.

The committee projects revenue of about $610 million from retail and medical marijuana from Jan. 1 of this year to June 30, 2015, the end of the next fiscal year.
They also predict approximately $610 million in total revenue for the new recreational pot industry in the first 18 months, and that's on top of the $200 million medical pot industry.

So, nearly a billion dollars in revenue invested into Colorado's local economy, and over $120 million in tax revenue.

And these estimates are conservative. On top of that, there has been a massive shortage of pot since it's been legalized due to high demand. Once the supply catches up, they'll see even more revenue.

It's not a surprise that every time new projections/estimates come out about the revenue they expect this to generate they are higher and higher.


That depends on who you ask/what you consider downside. No doubt DUI, traffic accidents etc could be expected to increase.
Will they really? It's not like people aren't driving while stoned now and they're just going to decide "oh hey weed is legal I'm going to go drive around stoned now!".

It will be interesting to see the statistics on that 5 years from now, but I don't think it's going to be nearly as prevalent as some would suggest. Some of these arguments are still rooted in the reefer madness propaganda.



I meant the DUI thing.

We need to make sure people know to not smoke and drive. There seems to be this notion that it's safer than drinking and driving.
Has people smoking pot and driving been a huge problem in the past? It's not just going to magically become way worse overnight.

People also need to realize that there are different levels of intoxication with cannabis just like with alcohol. Someone can have a beer or two, still be below the legal limit, and be fine to drive. Same way someone could take a puff or two and be no less able to drive than someone who takes a prescription medicine or smokes a cigarette. Of course there's the flip side.. I don't want someone driving if they drink 10 beers or a bunch of shots of jack the same way I wouldn't want someone driving if they were sitting on their couch ripping bongs for an hour straight.

The biggest difference is when people get really stoned, they just don't want to drive, and most of the time, they're sitting on the couch watching a movie. When people get really drunk, they think they're still okay to drive, and since many times they're out drinking at a restaurant/bar, they'll still drive home.
 

lostngone

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Big pharma is not going to like this... Not one bit.

I bet the pharma lobbyists on K Street are scrambling to stop what IS going to be a reality.



Link

The estimate quoted above was for ONE county.

Its time to legalize marijuana once and for all, and then use that money to repair our crumbling infrastructure. There's an idea..
Even with the tax revenue this is still an all around bad idea.