For the first time in the United States, lawmakers in Colorado are poised to approve a set of rules and taxes regulating the sale of marijuana for recreational use, the Denver Post reported.
On Wednesday, both the state Senate and House passed a bill creating a sales and excise tax on marijuana that now awaits Gov. John Hickenlooper’s (D) signature. The Senate also passed legislation creating rules for stores selling marijuana that is now awaiting final approval in the House.
House Bill 1318 would impose a 15 percent excise tax and a sales tax initially set at 10 percent on recreational marijuana sales. Voters this November would have to give their approval of the tax rates before they could take effect. The money would be used for school construction and for regulation of marijuana stores.
Many of the rules for those stores are spelled out in House Bill 1317, the second bill approved by the Senate on Wednesday. Under the bill, marijuana stores would need to be licensed by the state and owned by Colorado residents.
