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Home 🌿 Regional 🌿 North America 🌿 United States 🌿 Marijuana tax take nearly double expected in Colorado 🌿Marijuana tax take nearly double expected in Colorado
Sales tax on marijuana in Colorado was so profitable last year that the state declared Wednesday a pot tax-free day.
Tax collected on marijuana sales came to $70 million (£45m), much more than the $40 million (£26m) the state predicted.
The tax will return to 25% on Thursday but state law requires an automatic suspension of any new taxes due to the accounting error.
Pot retailers are hoping for large crowds on the pot tax-free day.
Colorado became the first state in the US to legalise cannabis, after voters approved the change in 2012.
The average savings on Wednesday for a $200 ( £128) ounce of marijuana will be about $20 (£13), Fox31 Denver reports, and a regular 2.9% sales tax will still apply, as will taxes on medical marijuana.
The temporary tax break could cost Colorado up to $4m (£2.5m) in revenue.
"We've seen the numbers down the last...
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