DENVER (KDVR) — The Colorado Secretary of State confirmed that Initiative 25 will be on the state’s November ballot, proposing an additional tax on recreational marijuana sales to benefit educational programs.
Initiative 25 would provide funding for a measure called LEAP— Learning Enrichment and Academic Progress. The revenue raised by the tax hike would give low and middle income families a $1,500 stipend to use for after school programs, tutoring and summer learning activities for their children.
If Initiative 25 is approved, the state excise tax on the sale of all recreational cannabis products would be gradually raised from 15% to 20%.
The first increase would be a three percent hike come January 1 of next year, increasing to five percent in Jan. of 2024.
Estimates say the new tax would bring an additional $138 million to the state every year once the full tax rate is set.
The measure will appear on the ballot Nov. 2.