With the end of 2015 fast approaching, cities throughout Colorado are starting to figure out precisely what they’re going to do with all the tax revenues the state’s been taking in from marijuana sales.
As of September, the state had raked in almost $73.5 million from cannabis taxes, and is on pace to collect over $125 million for the year, according to The Guardian.
The big question is obviously what to do with all that extra cash?
Attn: reports that “on Election Day, Colorado voters had to decide whether they wanted $66 million in marijuana tax revenue to be returned to taxpayers and pot growers or let the state distribute the money for public services.”
“With almost 70 percent of the vote, residents chose to give the money to the state. That means that revenue from marijuana sales will go toward funding educational programs, school construction, and various other services in Colorado that voters evidently prioritize.”
Here’s a short list of some of the incredible things Colorado’s been able to do with this year’s pot tax revenues:
- Cities throughout the state have received portions of $40 million that’s been set aside for school construction.
- Over $8 million has been devoted to programs that will help children and youth throughout Colorado. These programs include bullying prevention programs, drop-out prevention grants, and youth mentoring services.
- $500,000 has been set aside for substance abuse screening, intervention, and referral, and another $500,000 for substance abuse treatment programs.
- The city of Pueblo just reported that more than $2 million of marijuana tax money will be used to fund 16 community projects throughout 2016, including fixing roads, infrastructure repairs, and school improvements.
With another year of medicinal and recreational pot almost in the books, Colorado is proving yet again just how beneficial legalizing cannabis can be.
Not only are Coloradans enjoying their Rocky Mountain highs more than ever before, but it seems their communities are also on track for all sorts of important improvements as a result of legalizing pot.
For a more detailed month-by-month report on how much Colorado’s made on pot taxes this year, click here.