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SMALL BUSINESS NEWS

6 Nov 2013

 

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Colorado Marijuana Tax

Colorado consitution requires a statewide vote in order to approve any tax increases and the voters were given just such opportunity on 5 November 2013.

Voters approved a 25 percent tax on recreational marijuana  purchases to fund school construction.   Under the new tax law a combined 15% excise and 10% sales tax will be imposed on recreational sales.  Recreational sales is just one aspect of the industry.  Other aspects include medical-marijuana-infused product sales, medical-marijuana-cultivation facilities management and medical marijuana dispensaries. 

Colorado and Washington last year became the first US States to legalize marijuana for recreational purposes.

The city of Denver also plans to tack on an additional 3.5% city sales tax on marijuana shops.

Opponents argued the tax rate would benefit black market sales.  They claimed that it is far and above the tax rates for alcohol.

The Colorado marijuana industry comprises of small businesses that run 517 medical-marijuana dispensaries, 138 medical-marijuana-infused products, and 736 medical-marijuana-cultivation facilities.

Application fees for new recreational-marijuana businesses start at $500 and licensing fees range from $2,750 to $14,000.


By Owen Daniels

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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