Denver Will Use Marijuana Tax Money to Build Affordable Housing

While cannabis consumers may not like to hear about an increase in their marijuana taxes, at least they can take solace that their money is going to a good cause, as long as they live in Denver.

Denver Mayor Michael Hancock signed an increase in the city's marijuana tax from 3.5 percent to 5.5 percent on Tuesday. And while that may seem like bad news, the money is going to a very good place. The increased tax money is going to the city's funds to build affordable housing. The tax increase will double the number of affordable housing units the city will be able to create. Over 6,000 units will be created by the city of Denver.

With the two percent increase in taxes, Denver marijuana users will now pay around 25 percent in cannabis taxes when they make purchases, when you factor in taxes imposed by the state of Colorado.

“Overtaxing anyone in any situation in Denver is always a concern," Hancock said. "This was done in partnership and understanding with the industry and the customers. We would not have done it if the industry didn’t indicate they could handle it."

So yes, if you're in Denver you may have to pay a little more for your marijuana. But at least you'll be doing so legally, and you can also consider it your contribution to a good cause as well.

(h/t KDVR)

Latest.

President Trump's 2020 budget request includes a loophole that would let Washington, DC finally open up dispensaries for recreational cannabis. Although DC voters passed a ballot initiative to legalize recreational cannabis back in 2014, Congress has used its power over the nation's capital to prevent it from selling cannabis for recreational use. Right now, local dispensaries can only sell medical marijuana to registered patients thanks to Congress, which controls spending in the District of Columbia.

Can we see some ID please?

You must be 19 years of age or older to enter.