Colorado Springs Rakes in Medical Marijuana Tax Revenues
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.