Colorado voters will decide on an initiative in November that would raise marijuana taxes to fund programs that are meant to reduce the education gap for low-income students. The secretary of state confirmed on Wednesday that the campaign behind the measure collected more than the required 124,632 valid signatures to make the ballot. The Colorado Learning Enrichment and Academic Progress (LEAP) measure would give low- and middle-income families a $1,500 stipend to have school-aged children participate in after-school programs, tutoring, and summer learning activities. If Initiative 25 is approved, the state excise tax on sales of adult-use cannabis products would be gradually increased from 15 percent to 20 percent to fund the effort. Starting January 1, there would be a three percent increase in the current excise tax. That would increase to a five percent increase beginning in January 2024. Colorado would collect an additional $138 million per year to fund the measure once the final tax rate is set, according to a fiscal analysis

Kyle Jaeger, Marijuana Moment, 08/25/2021 18:31:00

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