5 things to know about marijuana money and schools
Fort Collins dispensaries sold more than $34.3 million worth of marijuana in 2016. Since added tax revenue for schools was a selling point of legalizing recreational marijuana in Colorado, you might be wondering how those sales benefit a school near you.
Whether you’re hoping your latest joint or edible helped local students or are just wondering why schools are crying foul on state funding when marijuana taxes are on the table, here are five things to know about how marijuana taxes trickle down to education.
We have marijuana money. Why are schools still complaining about limited funding?
Sales tax on retail marijuana doesn’t significantly boost overall per-pupil funding for Colorado schools statewide. Most funds are funneled through grant programs that districts have to apply for in hopes of extra funding for specific projects and programs. Marijuana revenue represents about 1 percent of the state’s total education budget, according to Colorado Department of Education.
How does it work?
When voters approved retail marijuana sales, which began in January 2014, they approved a 28 percent sales tax on those products. That 28 percent includes a 15 percent excise tax to benefit K-12 public education in Colorado, a 2.9 percent state sales tax and a 10 percent special sales tax.