Get an ounce of marijuana Wednesday and get 20 bucks knocked off the price.
The 10 percent tax on recreational marijuana are being lifted Wednesday due to a provision in the Colorado Taxpayer Bill of Rights, which requires taxes to be refunded if they exceed projections given to voters. Although marijuana taxes did not exceed projections, tax revenue as a whole did, so officials determined that a one-day tax waiver was necessary.
There will still be a 2.9 percent sales tax on products, as well as taxes on medical products, and varying local taxes. The tax break will make it so that the average ounce of marijuana, usually costing around $200, can be bought for $180 instead.
Erica Freeman, co-owner of Choice Organics, said she expects sales to increase Wednesday.
“I expect sales to be at least above average” Freeman said. “We are prepared if we do get big crowds.”
Colorado is estimated to lose $3 million to $4 million on this day alone, which may be a small price to pay compared to the $44 million Colorado made off of pot in the first five months this year.
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