Colorado Votes Down Cannabis Tax Increase Meant To Support Educational Programs

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Summary

 Under the initiative, the local cannabis tax rate would have been raised by 1.5%. By Nina Zdinjak A ballot measure that would impose higher taxes on cannabis in an effort to fund education programs in Colorado, was voted down in Tuesday’s elections. Some cannabis advocates fiercely opposed the measure claiming that higher taxes would result in more expensive cannabis products, making them unaffordable to those who need them. Fiscal analysis concluded that Colorado would have raised an extra $138 million annually to support the measure until the final rate was set. The Measure’s Advantages And Disadvantages  The policy’s backers argued that the measure is much needed, especially during the COVID-19 pandemic, which has exacerbated income-related educational problems.

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Some cannabis advocates fiercely opposed the measure claiming that higher taxes would result in more expensive cannabis products, making them unaffordable to those who need them.

This article originally appeared on Benzinga and has been reposted with permission.

By Nina Zdinjak

A ballot measure that would impose higher taxes on cannabis in an effort to fund education programs in Colorado, was voted down...

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