COLORADO SPRINGS, Colo. — Wednesday is slated to be a huge day for the pot industry in Colorado, because for one day only there will be no sales tax on marijuana.
By exceeding TABOR tax projections, the state had to drop the tax to zero for at least one day.
TABOR also means the state has to ask voters permission to keep $58 million in pot taxes from 2014.
There’s a lot of preparation going on. Pot shops are stocking up, and a lot of people were excited.
“I think it’s amazing. I wish I would have known that before I bought it today,” said Morgan Franklin.
We asked if these customers were planning to come back Wednesday.
“Oh, definitely coming back and buying double the amount,” said Myles Mendoza.
With so much excitement from customers, pot shops like Emerald Fields were busy stocking up for a day they anticipate rivaling other major days during the year.
“I think the holiday sort of sells itself. It’s a really fun holiday. I mean, it’s really a unique thing, right? Most of our consumers have never seen something like that,” said Caitlin Murphy, the director of marketing for Emerald Fields.
In November, voters will decide if the state gets to keep $58 million in pot taxes from 2014.
If the measure passes, the state will give $40 million to school construction. The rest will go toward marijuana programs like drug treatment and enforcement.
If the measure fails, $33 million will go back to growers and users through tax breaks, and the rest will go to other taxpayers.
“I think it should go towards the schools and everything they’re doing right now. They should definitely just put it back into the schools and stuff like that,” said Mendoza.
“It makes it much more a positive thing. More people will be up for it being legal if we’re giving back to school and whatever else they need to do,” said Franklin.
“That’s like a catch 22. I’m probably more on the side that would benefit us as the people, just because it’s money that you were taxed for and worked for and stuff and you can get it back and use it when you need it,” said Alyssa Guillen.
If voters decide in November to allow the state to keep the $58 million, it will also mean pot taxes will drop from 10 to 8 percent in 2017.