COLORADO: Proposition AA, the measure to set tax rates for the recreational marijuana industry in Colorado, has passed 65 percent to 35 percent.
Voters have approved a 15 percent excise tax on marijuana when it is sold wholesale from a cultivation facility and a 10 percent sales tax on retail marijuana sold to individual consumers.
The taxes are estimated to bring in $70 million a year.
Those taxes are in addition to the existing 2.9 percent state sales tax and does not include any taxes created and approved within a local municipality.
The first $40 million raised by the excise tax each year would be earmarked for public school construction.
Excess money from the excise tax and most of the sales tax money would be dedicated to the regulation and enforcement of the rules created for recreational marijuana in light of Amendment 64′s approval by voters last year.
Fifteen percent of the sales tax revenue would be sent to the cities and counties where retail marijuana purchases occur.