Colorado pot growers rejoiced when the state lifted taxes on recreational pot, saving them thousands of dollars while its consumers saved some bucks.
According to usnews.com, the one- day holiday will save growers of 15% excise tax or $300 per pound of transferred marijuana. Tim Cullen, owner of Colorado Harvest Co., had saved $45,000 during the tax holiday despite of small crowd of shoppers. He said "This is just gravy."
The one- day tax holiday was caused by an error in the computation of the state's over- all revenue last 2014 followed by the voting of 10% percent sales tax for the shoppers and 15% excise tax for growers. The taxes was decided to be waived for a single day though voters need to attend to a poll to determine whether they will authorize the state to keep the pot taxes collected in 2014 amounting to almost $50 million.
The decision of waiving the tax for one day had confused the consumers but most of them still took advantage of the sale.
In a report by news.yahoo.com, one of the shoppers named Benjamin DelCarpio, who was waiting in line to purchase weed in half the price said, "Lower taxes are always better. Who's going to complain about that?"
Out- of- state shoppers also took advantage of the sale and went to Colorado to purchase recreational marijuana. David Illig of Onawa, Iowa said "I saw online there was some kind of loophole on the taxes, so I had to come buy some."
In spite of Colorado's tracking of marijuana sales, it's still unknown to the public if the tax- holiday on Wednesday had set a record for marijuana sales. However, growers and sellers said that the tax- holiday was the same to a "busy holiday weekend."
State's fiscal analysis have said earlier this year that pot growers will take advantage of the tax- holiday and that would make the state lose between $3 million and $4 million worth of taxes. However, marijuana growers and consumers said that the tax- holiday was "a needed break."
