Here is an update on Colorado’s Proposition BB that was approved by a landslide of voter approval last Tuesday. “I hope all you fellow Coloradans voted.”
The approved measure will allow the state to spend $66.1 million dollars of extra taxes gained by the sale of recreational cannabis. The measure was passed by an overwhelming majority of 69%.
“These election results shouldn’t surprise anyone,” commented Dem. Sen. Pat Steadman the writer of the measure, reported by The Denver Post.
As the measure states:
- The first $40 million will go to school construction.
- Then a further $12 million will go to youth and substance-abuse programs.
- Followed by $14 million in discretionary spending by state lawmakers.
Thanks to the Colorado TABOR act Coloradoans have to give multiple approvals of tax related measures, and overwhelmingly voters have continued to approve the taxation of recreational cannabis. Much need funds are now making their way into Colorado schools and the economy.
What would have been done with all the extra money if the measure failed?
Basically, the taxes would be paid back with $25 million dollars in rebates going back to the Colorado tax payer. That rebate would have worked out to about $6 to $16 per taxpayer, dependent upon their income tax level. The remaining $41 million would have been returned to the public by reducing recreational taxes on cannabis sales, and the return of taxes to Colorado growers.
Thanks to Colorado’s huge recreational cannabis sales the extra taxes generated and approved spending will go to improving Colorado as a whole, and should have an overall stimulating effect on the vibrant Colorado cannabis economy.
Many states around the country look to Denver and Colorado as a leader in cannabis reform and new legislation. The far reaching positive effects of what is going on with Colorado’s cannabis industries are and will be felt around the nation.