Colorado doesn’t know how much money it’s going to get from marijuana taxes, but that doesn’t mean it’s too soon to argue about spending it.
The state Joint Budget Committee started talking Wednesday about how to divvy up the money. The panel is made up of state lawmakers who write Colorado’s annual budget of about $20 billion.
Recreational marijuana sales began in January, when Colorado earned about $2 million from taxes from the new industry. The haul included sales taxes and excise taxes.
Voters have already decided that the first $40 million from marijuana excise taxes will be spent on school construction. But if the state rakes in more, lawmakers will get to dole out the funds.
The pot taxes come from 12.9 percent sales taxes and 15 percent excise taxes. Medical marijuana is taxed, too, but at a lower rate — 2.9 percent in sales taxes.
Colorado’s pot taxes are expected to be wildly volatile for the first few years of recreational sales.
