Governor John Hickenlooper has signed into law a bill that raises Colorado’s statewide marijuana tax.
The new law increases the tax at the point-of-sale for marijuana from 10%, to 15%. The increased revenue will help to fund schools, hospitals and roads.
The tax increase approved by Governor Hickenlooper is contrary to comments he made in his February State of the State address, when he said: “I don’t think we can raise additional tax dollars for marijuana, because then it raises the price, and that means we have more black market marijuana”.
Even with the increase to 15%, Colorado’s tax is still less than half of Washington State’s 33% tax (which was itself lowered after initially being a 25% tax at three different levels).