Tax revenue from medical marijuana sales is increasing exponentially in Colorado Springs, the Colorado Springs Gazette reported June 21.
Average monthly tax revenue from medical marijuana has gone from $4,000 to $40,000 during the last year, although total revenue is still just a fraction of the $106 million in taxes collected annually by the city. Colorado Springs collected $110,000 in tax from marijuana and related products in all of 2009, but in the first four months of 2010 had already taken in $123,000.
One reason for the revenue boost is an increase in the number of medical-marijuana dispensaries -– and not everyone is pleased. Colorado Springs went from having just a handful of facilities to over 100 in the past year, and at least one residents' group is gathering signatures for a ballot initiative to get rid of them.