Colorado voted to legalize Marijuana use, sale and marketing
If you’re in Colorado, you might be celebrating today. Months after Coloradans voted to legalize the use, sale, and marketing of marijuana, the final bill was sent to their House on Thursday. The 57 page bill is partnered with a bill implementing taxation policy.
House Bill 1317, sponsored by Rep. Dan Pabon (D-Denver), takes recommendations from the Colorado Amendment 64 Task Force and formulates it into law, while House Bill 1318, sponsored by Rep. Jonathan Singer (D-Denver), establishes the tax structure for legal marijuana sales.
Authorities are expecting some 80,000 people gathering in Denver to join in the celebration, filling the air with the plant’s pungent aroma.
The proposed legislation would allow out-of-state residents to purchase one-fourth of an ounce of marijuana “during a single transaction.” It also would allow existing medical marijuana businesses to apply for retail licenses on October 1, three months ahead of other would-be retailers.
In addition to eliminating a proposed one-year monopoly in the retail market for existing medical marijuana providers, the bill also would allow retail shops to sell their home-grown product “or purchase it from a retail marijuana cultivation facility.”
The original plan called for retailers to grow at least 70% of their product, but legislators decided to eliminate the requirement last week.
A 15% excise tax will be added to the sale of recreational marijuana, in addition to the state’s 2.9% sales tax, and any local taxes. Sales are expected to add significant revenue to the state’s treasury.
The first 40 million dollars in excise tax is designated for the public school capital construction assistance fund.
So, there you go. A summer vacation in Denver sounds like fun. And, I’m sorry, but I can’t resist, here’s your chance to get a Rocky Mountain “High”.
Columnist-The Guardian Express