Proposition AA was successfully passed on November 5, 2013. It called for the implementation of two taxes on recreational marijuana in Colorado. Effective January 1, 2014, there will be a 15% excise tax and a 10% sales tax.
The revenue earned from the 15% excise tax will used as funding for the construction of new schools. The revenue generated from the 10% sales tax will fund the regulation and monitoring of the marijuana retail business.