Get Your Tax Break on a Marijuana Purchases Today

If you've been looking to save money on your recreational marijuana purchase, Colorado has put aside a day just for you.

According to the Coloradoan, Colorado will be suspending taxes on recreational marijuana today. This means that the state will not be collecting the 10 percent sales tax and 15 percent excise tax.

How does that translate for you...the recreational marijuana buyer?

The break would take off approximately $20 off the price of a mid grade ounce of marijuana. Usually this amount goes for $200 around the Denver metropolitan area. Officials say that the state could lose out on $3 - $4 million dollars in tax revenue from the tax break day.

Marijuana won’t be completely tax-free today. A regular 2.9 percent sales tax still applies, as do medical marijuana taxes and local pot taxes.

This all leads to the November voting ballot where Colorado residents will vote on whether to keep the taxes on marijuana in the state. While state politicians seem confident that residents will pass the tax measure, nothing is certain in today's world.

Colorado now has 380 recreational pot stores throughout the state and 480 licensed pot growers.