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Wednesday, November 6, 2013 - 11:39am
First, Colorado voters decided to legalize marijuana. Now, the state will get to cash in.Tuesday, voters accepted a new weed tax.
The tax will effect only people who use marijuana. Proposition Double-A will place a 15 percent excise and 10 percent sales tax on marijuana. That will make it one of the highest taxed consumer products in the state.
Supporters say the tax is a necessary component of legal marijuana. It's expected to generate about 40-million dollars a year. The money will be used to regulate the new recreational marijuana industry with some of the funds also going to education and to cities that also allow marijuana sales.
Opponents have argued the high tax rate will push pot prices so high users will simply go back to the black market. Denver voters also okayed a city-wide pot sales tax, which will be added on to the state-wide tax.