With the latest in Cannabis News, Colorado, the first state to legalize marijuana, has shown other doubting states that this new industry – allowing for medical marijuana and casual Pot use provides an added additional source of medical supply and revenue. State governments should be interested because medical cannabis can help with national development through income obtained from taxation. Since Colorado made that epic move it has taken in $53 million in tax revenue. California can look to redeem similar benefits if it makes the step into the marijuana industry.
According to money.cnn.com, the governor’s budget office estimate Colorado will collect $184 million in the first 18-months of recreational pot sales. $40 million to public school construction, $85 million on youth prevention and substance abuse treatment, $12.4 million on public health, $3 million on law enforcement and public safety and almost $2 million on industry oversight.
Marijuana sales tax of 28% helped Colorado reached its tax revenue target, although experts say it was lower than expected, as they projected more than $70 million for the period July 2014 – June 2015, the state is still in line to meet goals.
Several factors caused this outcome, firstly, the assumption that consumers would simply stop buying pot illegally. Yes, consumers may now be happy that they can indulge in pot legally but marijuana sold on the black market is cheaper than the proper kind sold in stores which has added tax and fees.
Another theory was that patients being treated with medical cannabis would start using recreational marijuana. However, medical cannabis has less tax than the recreational counterpart so that effectively deterred patients.
Additionally, research seems to indicate that though a number of persons have medical marijuana cards, which expire yearly, not all will renew the cards, thus sending more persons back to the black market and reducing the tax revenue from marijuana sales.
Despite the experts’ opinions and projected negative targets, the marijuana industry is clearly on the road to becoming a significant revenue earner. Medical Marijuana Benefits are numerous. This new industry is creating jobs through Online Medical Dispensary and Medical Dispensary shops being opened. Online medical dispensary allows consumers to Order Pot Online for personal and Medical Cannabis use.
The introduction of online sites that allow consumers buy marijuana online, helps to make the herb available to persons in need to use marijuana for migraines, glaucoma, anxiety and marijuana cancer treatment more easily and conveniently.
We are still only in the first stages of discovering the many benefits of this versatile and resourceful herb, Marijuana. Many consumers, doctors and patients have discovered its benefits for treatment of various medical issues. The government has already seen its income potential from tax revenue earnings in Colorado alone, and it’s just in year one.
California needs to get on the bandwagon and legalize marijuana. Not only will its citizens benefit from being able to legally attain marijuana for their various aces and pains, Marijuana Anti Aging, Marijuana For Anxiety, Marijuana For Glaucoma, the benefits are almost endless. But also, as seen by the Colorado case study, California will accumulate revenue from various sales taxes on marijuana sales thereby adding total state budget.
These are such prevalent issues which need to be on a forefront of everyone’s mind in California. The state could benefit tremendously with the recreational legalization of Marijuana. Medical Cannabis is a wonderful medicine and potential positive uses are limitless.
I couldn’t agree more, with the taxation of legal Marijuana, California could really benefit and receive much needed funding for schools, roads and general infrastructure
I dont appreciate the matter. Medical marijuana help people. why they charges tax??
It will create problem also for the customer, i think so. what ever., Looking for new update about the news.
California will legalize soon, too many tax dollars at stake
I did not know Colorado was making that much off Marijuana. Is it right??
Every state needs to legalize ..
Oh yes, Colorado is really benefiting from the recreational legalization