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Home 🌿 Recreational Marijuana News 🌿 The Latest: Colorado pot growers benefiting from tax holiday 🌿The Latest: Colorado pot growers benefiting from tax holiday
DENVER (AP) -- The latest on Colorado's marijuana tax holiday caused by a quirk in the law (all times local):
Shoppers aren't the only ones benefiting from Colorado's one-day suspension of most taxes on pot. Marijuana growers also are getting a hefty tax break.
One owner and grower saved $45,000 in taxes before 10 a.m. Wednesday. Tim Cullen of the Colorado Harvest Co. says he transferred a month's worth of inventory, or about 150 pounds of marijuana.
Colorado charges consumers an extra 10 percent sales tax on pot. Growers pay an additional 15 percent excise tax on wholesale weed, or about $300 a pound.
Colorado is waiving both those taxes for one day only Wednesday because of an accounting error when the taxes were first approved.
Retailers are stocking up on wholesale inventory to take advantage of the glitch.
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9:20 a.m.
Marijuana shops in Colorado were doing brisk business...
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