Colorado to Vote on Increasing Cannabis Taxes in November

High Times

Enough signatures were submitted by Colorado advocates to get Initiative 25 onto the ballot this November, which, if passed, would increase recreational cannabis tax percentages and fund “out-of-school learning opportunities” for children and youth. The Office of the Colorado Secretary of State announced on August 25 that Initiative 25 will proceed on to the ballot this November because a portion of the submitted signatures were verified as legitimate. A total of 124,632 valid signatures were required to proceed, and advocates submitted 203,335.  “After reviewing a five-percent random sample of the submitted signatures, the Elections Division of the Secretary of State’s office projected the number of valid signatures to be greater than 110 percent of the total number of signatures required for placement on the ballot,” the agency wrote in its “Statement of Sufficiency.” The statement concluded that the approximate number of valid signatures was 116.40 percent, it would be green-lit for ballot certification. Initiative 25 is also referred to as the “Learning Enrichment and Academic Progress Program,” or LEAP, and is proposing a three percent increase in recreational cannabis taxes starting in 2022. If approved, it would further increase the tax to five percent by 2024. According to state analysts, the tax hike would help the state bring in an extra $137.6 million per year. The initiative would also take $22 million per year from the state Permanent Fund and transfer it to the State Public School Fund, as well as take the same amount from the General Fund and move it to the LEAP Fund. The movement of these funds would be used to help pay for extra learning opportunities for kids, such as tutoring options, mental health services or other services for special-needs students. “These learning opportunities, during periods and timeframes outside of their regular school schedules provide…

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Source : Colorado to Vote on Increasing Cannabis Taxes in November

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