DENVER (CBS4) - High hopes for tax money isn't as expected as the state's legal marijuana industry isn't bringing in as much money as anticipated. In fact, tax revenue is way below expectations.
When voters approved recreational marijuana sales the state predicted it would pull in more than $33 million in new taxes in the first six months. The actual revenue came up more than $21 million short.
The problem is that buying pot is less expensive on the streets where people don't have to pay taxes or fees.
Medical marijuana is also less expensive than recreational pot, so those with medical cards are sticking to buying that way.
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