May 30, 2013 1:57 PM by Andy Koen

Study says marijuana taxes will miss $40 million target for schools

DENVER - Colorado voters may not get the $40 million a year they were promised for new school construction under Amendment 64, even with a proposed 15 percent excise tax on the cultivation of retail marijuana.

Instead, a study by the Colorado Futures Center at Colorado State University projects the tax will yield $21.7 million dollars for the Building Excellent Schools Today (BEST) Program.

The study authors estimate the market for adult retail marijuana to be 642,772 people in 2014. Using a wholesale cost estimate of $600 per pound of marijuana, the projected market size is simply too small to adequately meet the $40 million mark.

However, the authors also point out their estimate will likely be lower than reality due to the lack of reliable data estimating marijuana consumption by people under the age of 21 and by tourists.

In its conclusion, the paper also casts doubt on the long term sustainability of marijuana taxes to adequately fund state regulatory and enforcement agencies.

Related Stories


»Topics in this article

More News

Story Photo

3 minutes ago

Falcon school fights to save student's life

FALCON- Aden Knar, a third grade student at Falcon Virtual Academy, is in need of a life-saving bone marrow transplant. His school, Falcon Virtual Academy, will host a bone marrow donor drive tomorrow to help find a match Aden. Knar, 10, was diagnosed at age 4 with acute lymphoblastic leukemia and entered remission in 2008. In November 2013, the Knar family learned that the leukemia had returned, and is now isolated in his bone marrow. In an outreach of support, Falcon Virtual Academy hosted a bone marrow donor drive in January, and will be hosting another tomorrow from 10 a.m. - 2 p.m. at 6113 Constitution Ave., directly west of Care and Share Food Bank for Southern Colorado. "We wanted to reach out to the family again," said Jodi Fletcher, assistant principal. Fletcher explained that more than 250 people participated in the January drive, and she hopes to have similar numbers April 19. The money from a bake sale at the drive, and a portion of the proceeds raised from a spring formal...

Most Popular

Top Videos

1 2 3 4