This bud’s for you, but we’ll take the taxes

The numbers are in: recreational marijuana sales generated more than $14 million during the first month of legalization in the U.S. state of Colorado.

The news comes weeks after the PLP and OBA traded barbs over the decriminalization and legalization of cannabis here in Bermuda.

Late last month, the PLP, through Shadow Finance Minister David Burt, has said that a regulated cannabis industry on the island would remove that activity from the shadows, generate revenue, reduce law enforcement and contain safeguards for children and restrictions on public use.

“The state of Colorado is expected to earn $134 million in direct taxation from its newly regulated cannabis industry. They are spending that money on school construction, law enforcement, public health and substance abuse prevention,” said Mr. Burt at the time.

“Though we are much smaller than Colorado, there is no doubt than any additional tax revenue from a local regulated cannabis industry would be welcome.” Such comments drew a sharp rebuke from the OBA-led government.

Premier Craig Cannonier labelled such comments “irresponsible”.

“This position makes me think of that wise old warning: ‘Look before you leap’. There are too many potential pitfalls for Bermuda to hastily move to legalization, whether it be the impact its use may have on our people or in the challenges such a move would crate with jurisdictions with whom we do business.” Decriminalizing The premier said his government is taking a deliberate approach to the issue of decriminalizing marijuana.

“This is not a simple issue,” he said. “We are currently preparing a public consultation paper, as promised in our November Throne Speech, to inform the community of the competing research on this drug, its uses and the potential impact any shift in policy might have on the island.” A task force — the Cannabis Reform Collaborative — is currently charged with considering cannabis reform in Bermuda and reporting its findings to government for consideration.

Earlier this week, Colorado’s Department of Revenue announced that about $2 million in tax revenue from the recreational sale of marijuana was going into state coffers. On New Year’s Day, Colorado became the first state in the US to legalize the sale of marijuana for recreational use. Washington state is slated to become the next state to do so. Both are states to have already legalized medical marijuana.

Including the medical marijuana tax numbers, other marijuana-related fees and the recreational marijuana taxes, January produced $3.9 million in revenue for Colorado’s public coffers, according to the Huffington Post.

According to that outlet, the first $40 million in tax revenue from the recreational marijuana industry is flagged for school construction. Colorado’s governor, according to the Huffington Post, has proposed that the state use additional revenue to fund a statewide media campaign to address substance abuse treatment and highlight the risks associated with drug use.