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Colorado Voters Pass Tax On Recreational Marijuana

Pot prices are expected to rise after voters approved a statewide tax Tuesday.

Posted on November 5, 2013, at 10:08 p.m. ET

Marc Piscotty / Getty

A year after Colorado approved recreational use of marijuana, voters passed a statewide tax on marijuana Tuesday.

With 55% of precincts reporting, the proposition was passing 64 to 35. The legislation creates a 15% tax that retailers must pay to suppliers, and a 10% state sales tax on marijuana purchases. The new taxes are on top of Colorado's existing 2.9% sales tax.

The first $40 million made from tax revenue is to be put toward school construction, with additional revenue going to marijuana regulation. According to KMGH, the state estimates it will cost $3.4 million to modify its computer tax system to reflect the new hike.