COLORADO: On Monday, the Aurora City Council will move to adopt new voter approved taxes on recreational marijuana.
The increased taxes are concerning to some in the industry who say if taxes get too high — the black market will thrive. At the ever-evolving high tech retail marijuana shop, Euflora, owner Jamie Perino keeps a close eye on taxation of the product.
“If people have to pay too much in taxes, they’ll go back to the black market and we’re going to lose the tax money anyway. And we’re going back to funding that market,” said Perino.
Aurora is the latest city to implement a special pot retail tax. This past November, voters approved a ballot issue to impose a 5 percent excise tax and a 2 percent sales tax on the sale of marijuana, in addition to state taxes.