With the passing of Amendment 64 in the Rocky Mountain State, which permits individuals 21 years of age and older to possess an ounce or less of marijuana at a time, it's likely that many residents are wondering how this will affect Colorado's economy.
According to The Denver Post, advocates of marijuana legalization have estimated that the revenue generated from implementing a 15 percent excise tax on the purchase of the drug would total $40 million, but a recent study from the Colorado Futures Center at Colorado State University suggests otherwise. In fact, the cost of regulating marijuana and enforcing laws surrounding its legalization may actually end up being higher than the tax revenue.
This hypotheses is based on the Colorado Future Center's predictions surrounding the amount of marijuana that Colorado residents will purchase, which totals an estimated 2.2 million ounces.
"Even if voters approve the recreational marijuana tax, the new pot market could be a net drain on the state's budget, the study indicates," said Diane Carlson of Smart Colorado, a non-profit dedicated to a responsible and reasonable approach to marijuana policy, according to The Denver Post. "That means funds for education, roads and other top priorities could be diverted to marijuana regulation."
You can continue to count on The Orr Law Firm to report on all the latest developments in marijuana-related news that could affect residents of the Rocky Mountain State. If you face marijuana- or alcohol-related driving charges, our experienced DUI defense attorneys can aggressively defend your rights and ensure that you receive a fair trial.