Friday, May 10, 2013

Congrats, Colorado, on Your New Legal Marijuana Rules

By David Downs
Fri, May 10, 2013 at 8:53 AM

Colorado became the first U.S. state to regulate and tax sales of recreational marijuana yesterday, the Denver Post reports. Legislators levied a 15 percent excise tax, and a 10 percent sales tax on cannabis in order to pay for enforcing regulations like capping marijuana sales to Colorado visitors at a quarter of an ounce, a six-plant limit on pot gardens, mandatory child-resistant packaging, potency information and serving-size limits for edible marijuana. How grown-up!

Amendment 64 supporters celebrate on election night.
  • Cheryl Shuman
  • Amendment 64 supporters celebrate on election night.

Colorado voters approved the legalization of cannabis for adults over age 21 via a ballot initiative Amendment 64 in November. Washington state should soon follow Colorado in crafting rules for regulating and taxing the plant. Colorado cannabis stores could be open by Jan. 1 if voters approve the new taxes at the ballot this autumn.

California already raises about $100 million a year in medical marijuana sales taxes.

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