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Colorado voters pass pot tax

A year after Colorado approved recreational use of marijuana, voters yesterday passed a statewide tax on cannabis by a 65% to 35% margin.  The legislation creates a 10% sales tax on pot purchases.  The new tax is on top of Colorado’s existing 2.9% sales tax.  The new tax will bring in an estimated $70 million a year.  The first $40 million will be put toward school construction, with additional revenue going to marijuana regulation.