Under Amendment 64, recreational marijuana has been legal in Colorado
since November. However, a regulated system for sales and distribution has yet to be implemented.
For customers, the total levy on marijuana could reach
over 30 percent with all local and state sales taxes considered. While
some argue that the effective rate is too high, others say that it mirrors tax rates for tobacco and gambling.
Revenue generated from the proposed taxes will go towards public school construction and enforcement of the new marijuana system.
Along with House Bill 1317, which outlines the regulatory framework for legal marijuana, the new measures
await Gov. John Hickenlooper's signing off before becoming law.
In the meantime, lawmakers and advocates alike are celebrating the passage of what is likely to be the first regulatory approach to recreational marijuana across the globe.
"The adoption of these bills is a truly historic milestone and brings Colorado one step closer to establishing the world's first legal, regulated, and taxed marijuana market for adults," Mason Tvert, marijuana policy activist,
told The Huffington Post.
If the bills are approved, licensed retail stores
should be open by January 2014.
