DENVER, Colo. (CBS4) – Sales tax revenue on recreational marijuana in Colorado is down compared to early projections.
Total tax revenue on recreational pot is 13 percent below state estimates which means Colorado is bringing in nearly a half a million dollars less.
“We’re not seeing number of individuals using recreational marijuana that everybody originally thought we would. So because of that it’s very difficult to budget as to how do we spend dollars we don’t know whether we will or won’t,” said State Rep. Geri Gerou.
Not only are sales lower than projected but so are the number of business approved to sell it.
The state expected to approve 110 businesses in the first month but only 59 were approved as of Feb. 1.
The budget committee will create a mini-budget for the tax dollars collected in the first six months, an estimated $20 million.
That’s far below the $54 million Gov. John Hickenlooper budgeted for.
The committee plans to put much of the money toward prevention programs to protect kids.
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