DENVER (AP) Colorado voters have approved a measure to tax recreational marijuana to regulate the drug and raise money for school construction.
The measure approved Tuesday implements a 15 percent pot excise tax plus a 10 percent sales tax. The taxes are estimated to bring in $70 million a year.
The taxes are in addition to a 2.9 percent sales tax that pot stores will be subjected to for marijuana regulation. Sales of recreational marijuana become legal in Colorado on Jan. 1.
Opponents of the taxes argued that marijuana should be taxed like beer, which has a lower tax rate. Supporters, including pot legalization advocates, called the measure an opportunity to show the marijuana industry can be beneficial.
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