Who would’ve ever thought legalizing marijuana would be a lucrative idea?
As we’re all aware by now, Colorado’s first in flight in terms of legalizing weed. Pueblo County – the tenth biggest in the state and the only location between Denver and the New Mexico state line that allows recreational pot shops – became the first of its kind to release the eagerly anticipated sales tax figures.
And needless to say, score one for pro-pot!
Pueblo County Clerk Gilbert “Bo” Ortiz projected the marijuana industry will generate roughly $670,000 in new tax revenue for his county this year. The money is a combination of a 3.5 percent pot sales tax approved by county voters last year, as well as “share-backs” from the state on general and pot-specific sales taxes.
If Pueblo’s sales continue at the January pace, the county’s pot industry will make about $11.2 million in gross sales in 2014, Ortiz projected. The county’s total budget is about $165 million a year.
Love legal weed or hate the idea, there’s no denying that in Pueblo County there’s a new revenue stream of money that wasn’t available last year. People are getting high with no fear of being pulled over by The Man. Local government sees positive financial results. Everyone’s eating and the reality is we’re still in the infant stages of America’s brave new endeavor, but everyone’s happy.
Here’s the money quote.
“The irony is that the only new revenue we have coming in is in marijuana, and yet we have to open a new judicial building,” Commissioner Liane “Buffie” McFadyen quipped, according to a report Tuesday in The (Pueblo) Chieftain.
County Budget and Finance Director Cal Hamler replied, “We’re going to have to sell more weed.”
You read that right. Government officials are advocating the sale of more weed. That’s where we are right now.
The Mile High State (emphasis on the middle word) has 160 weed stores, most of which are located in Denver County and all of whom had to report their figures by February 20.
Expect statewide totals to be reported next month.
H/T: The Gazette
Previously: The World’s Smartest Girl Scout Sets Up Shop Outside Weed Shop, Sells Out of Cookies Instantly | Suge Knight Beat Up The Weed Man Because He Supposedly Couldn’t Buy Weed | President Obama Supports Weed And Totally Wants To Smoke With You!