DENVER - The state's newly-formed recreational marijuana industry has the potential to bring in more than $100 million into state treasuries as soon as the next fiscal year, according to a budget report outlined by Governor John Hickenlooper's office on Wednesday.
Governor Hickenlooper wants to give upwards of $85 million of the revenues collected to youth marijuana-use-prevention programs and substance-abuse treatment between now and 2015.
"Indeed, we view our top priority as creating an environment where negative impacts on children from marijuana legalization are avoided completely," said Governor Hickenlooper in a press release. "Underage use of marijuana can have long-lasting effects on individuals and communities."
Recreational sales of marijuana began this year in Colorado. When voters passed Proposition AA in 2013, they agreed the first $40 million collected from a 15 percent excise tax would go toward school construction. Newly-released budget projections from the governor's office indicate the state expects to make $45 million from the excise tax alone next fiscal year.
Sales tax projections indicate an additional $70 million is possible from sales tax revenues during the same period.