Marijuana cultivation operations throughout Colorado saved tens of thousands of dollars Wednesday as they seized a tax holiday that freed them of duties charged when pot is moved from a cultivation center to a shop.
“My space will all be empty today,” said Daniel Morgan, grow operator for the Starbuds chain, as he stood before a 30-pound mound of pot in a north Denver warehouse. “We’re just sending it to all the stores.”
Morgan said he hoped to move up to 100 pounds of marijuana by the end of Wednesday, which would mean $30,000 in savings.
The holiday is the result of Colorado’s complex Taxpayer’s Bill of Rights and could ultimately cost the state $3 million to $4 million in revenue. The holiday waived the 10 percent retail tax on customers and the 15 percent excise fee charged when pot is moved from a cultivation center to a shop.
It did not waive duties on medical marijuana or local taxes. [Read more at The Denver Post]
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