Colorado literally doesn’t know what to do with all of the revenue from legalizing and taxing marijuana. The state has $66.1 million in excess tax revenue from recreational pot sales and the voters get to decide how it’s spent.
Proposition BB, up for a vote in less than two weeks, would allocate all of the extra funds entirely to the state; $40 million for school construction and $12 million for marijuana education.
Governor Hickenlooper, who opposed the legalization of recreational marijuana, now supports keeping all of that revenue for the state.
“All the pot revenue that comes in — our goal is to regulate marijuana, to make sure our kids don’t get access to marijuana and, as the voters originally intended, that we build buildings to improve our K-12 education,” Hickenlooper says in the video below.
If the measure fails, the tax money will be returned to Colorado residents.
According to local NBC News 9:
If the proposition fails, $25 million would be refunded to tax payers, amounting about a $6 to $8 refund for most Coloradans.
As for the rest of the money, $24 million would go to marijuana cultivators and $17 million would be refunded to marijuana purchasers through a temporary sales tax reduction.