“Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off”, Mason Tvert, director of communications for the Marijuana Policy Project, said in a statement.
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Colorado saw a sales increase past year in all three tax classes of alcohol.
Retailers are hoping for big crowds, rolling out doorbuster-style bargains to attract shoppers.
The taxes revert to 25 percent on Thursday.
The state’s financial year comes to a close on June 30, as such; certification of Colorado’s prior year’s tax revenue is absolute on September 15.
Colorado pot sales – recreational and medical – were thriving in July 2015, the most recent month for which the Department of Revenue has released marijuana tax data.
The state expects to lose as much as $4 million during the one-day tax holiday.
In Colorado, the new recreational marijuana taxes were expected to generate approximately $70 million in fresh revenue for 2014.
The figures don’t include a statewide 2.9 percent sales taxes. Alcohol is taxed by volume, ranging from 8 cents a gallon for beer to $2.28 a gallon for liquor, plus sales taxes.
A University of Colorado-Denver economist who has studied how marijuana availability impacts alcohol consumption said the Colorado numbers don’t show much. Westword.com has a comprehensive list of where you can and cannot legally purchase cannabis in the Centenniel State, if you care to take advantage of the state tax holiday.
The effectiveness of the “Just Say No” program of the Reagan era was noted by the researchers to pale in comparison to the effect of legalization of marijuana.
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A report produced by Johns Hopkins Bloomberg School of Public Health researchers shows that teen use of marijuana has decreased despite the legalization of pot for recreational use in four areas of the United States and the reduction of sentencing for marijuana a use in the majority of states in the U. S. The report is sure to send marijuana liberalization opponents into a frenzy of political activity.
