As per the recently released figures by The Colorado Department of Revenue, the marijuana tax revenue of this US state has been more than the tax collected from alcohol related activities in one year. The amount collected from marijuana is $70 million (464,80,31,500 in Indian rupee) and the taxes collected from alcohol is $42 million (278,75,58,900 in Indian rupee).
Interestingly, no state in the history has ever raised more taxes from marijuana over alcohol. In fact, Colorado is also suspending taxes on marijuana related products for a day and calling it a marijuana tax holiday.
The reason behind marijuana overtaking alcohol is that Americans spend considerably higher amount of money on weed than on alcohol, tobacco, or for that matter on personal care services and products. According to a market research by Marijuana Business Daily, an average $1,800 (1,19,484 in Indian rupee) is spent on weed in the states where it’s legalized.
About this visible trend and about the legal status of marijuana Director Of Communications for the Marijuana Policy Project, Mason Tvert, stated that, “It’s crazy how much revenue our state used to flush down the drain by forcing marijuana sales into the underground market,”
Furthermore, he added, “Tax revenue is just one of many good reasons to replace marijuana prohibition with a system of regulation.”
Story Inputs: The Daily Caller