Colorado Lawmakers Plan To Boost Marijuana Profits

COLORADO: The federal government has reluctantly agreed to let Colorado be the first state to collect taxes from the legal sale of recreational marijuana, but it also has made clear it doesn’t agree with the move and may try to stop it, if isn’t tightly controlled.

Instead of keeping a low profile with the money, however, some Colorado lawmakers are trying the bold move of using millions of dollars they’ve collected so far from pot sales to seek matching funds from the federal government to keep kids off drugs.

The plan calls for transferring $3.5 million from the state’s marijuana cash fund to its general fund and then sending the same amount to a state department that would apply for a federal match.

Democratic state Sen. Pat Steadman, the measure’s sponsor, joked that the bookkeeping move “is what I’m calling money laundering.”

Marijuana Sales Mean New High For Garden City, Colorado: How Windfall Is Revitalizing Town Of 300

COLORADO:  Several states are considering legalizing recreational marijuana, but in Colorado where recreational pot is now legal, Gov. John Hickenlooper thinks marijuana sales will bring in more than $600 million a year, with $134 million in taxes.

One small town, Garden City, Colo., is already seeing a windfall.

A four-by-five block, one-stoplight town, Garden City now knows something about cashing in on temptation. It’s the only town in a county of 4,000 square miles where recreational pot sales are legal. [Read more…]