Homelessness in the US has been a problem in this country for many years; the lack of government funding for assistance programs has been a major contributor.
The legalization and taxation of cannabis sales in Colorado has brought this much-needed funding and is another reason why other states should follow their example.
Over the next 3 years, homeless outreach programs in Aurora, Colorado will receive more than $3 million to provide services to the homeless community from taxes derived from adult-use cannabis sales.
The programs will see about $1.5 million in funding by June 2017, the end of the current fiscal year.
The city gained $4.5 million via sales and excise taxes raised through legal cannabis sales and has already given funds to homeless action programs who used the resources for operational costs.
Cannabis Tax Benefits Schools and State Infrastructure
Not only have Colorado cannabis tax revenues gone to homeless outreach programs, but to schools and state infrastructure.
The State of Colorado has some of the best schools in the country and students have more resources than ever, because of the cannabis tax revenues that are being poured into their schools.
Furthermore, Colorado has some of the most beautiful parks and walking trails, and their roads are extremely well-maintained and in excellent condition, thanks in part to cannabis tax revenues that are pouring into the state coffers.
Colorado raised nearly $70 million through cannabis tax revenues during the last fiscal year, ended in June.
Just this month, California legalized marijuana for recreational use and will enjoy the same influx of cannabis tax revenue as Colorado.
There are still some prohibition states out there. But we believe that very soon many states will recognize the futility of prohibition and the benefits of legalization, taxation and regulation.
This creates amazing opportunities for those interested in entering the cannabis industry. We can help.
Our firm provides full service representation every step of the way: from licensing to compliance; the formation of partnership contracts and licensing agreements; covenants not to compete; branding; insurance and banking options; financial planning and tax advice; civil and criminal defense.
We have over 26 years of experience and are passionate about the cannabis industry. If we can help you, please contact us today.