The weed market in Colorado was expected to rake in million in the first fiscal year. But smokers are figuring out how to avoid marijuana taxes.
Despite the 600,000 regular pot smokers in Colorado, the state has come up millions of dollars short in marijuana tax revenue.
One reason is that buying weed from mom and pop pot shops is expensive — it’s taxed at 29 percent. So thousands of smokers use medical marijuana cards instead, paying just a 2 percent tax rate.
Savvy smokers also know they can save money by growing up to 6 marijuana plants in the comfort of their own homes.
And even when they do get customers, store owners often lack the loans they need to stay open.
That’s because national banks refuse to deal with them. Weed is still illegal on the federal level, which could cause trouble for banks involved in the marijuana market.
Colorado did manage to rake in about 12 million dollars from marijuana by the end of June, but that was well below the predicted 33 million.
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