Colorado Schools Receive Millions in Tax Revenue from Marijuana Sales

$300 million earned, in part, from excise taxes on marijuana sales will be used to build a new, state-of-the-art preK-12 school.

July 11, 2017
Denver Post
Business and finance News State by State: Colorado

Plenty of people have personal objections to marijuana use, but state and local school officials say no one is protesting that rundown schools are getting millions in revenue from excise taxes on retail marijuana sales for renovations and wholesale replacement.

For example, a $34 million preK-12 campus will take shape over the next two years at the site of a former Future Farmers of America hog farm, thanks in part to an injection of marijuana sales funding through the state’s Building Excellent Schools Today, or BEST, program.

STATE BY STATE: Colorado Cannabis News

“There are lots of so-called ‘sin taxes’ for uses and products that people don’t necessarily endorse,” added Jay Hoskinson, regional program manager for capital construction for the Colorado Department of Education. “But I think people also start looking at it as a possible new revenue source. And it kind of gets intermingled with other funding and becomes pretty much all part of the same package.”

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