Due to a quirk in their taxation laws, Colorado’s recreational marijuana will be completely tax-free on September 16. Legalised weed usually attracts a 25% tax in the state, as established in 2013, but this will be waived on the aforementioned date due to a convenient loophole.
Colorado tax law establishes that if tax collected goes beyond what was projected, the new tax will be waived and refunded. Estimates set up for marijuana to attract $70 million in taxes – while it only managed to bring in $58 million, in overall tax collection it actually still managed to exceed estimation.
The regular 2.9% sales tax, medical marijuana taxes, and local marijuana taxes will still remain however, but an ounce of mid-grade marijuana will cost $20 USD less than it usually does for one day. This means, if you happen to be in the Centennial State, that it’s about time for a huge re-up.
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