Using Pot to Build Schools: An Analysis of Colorado's Legalization of Recreational Marijuana

Presented at:
AERA 2015 Annual Meeting
April 20, 2015

Brooke Midkiff, University of North Carolina
Eric A. Houck, University of North Carolina

Abstract
As of January 1, 2014, the state of Colorado adopted a law making the sale of recreational marijuana legal. Prior to Amendment 64, as the new bill was called before becoming Article 18 Section 16 of the state constitution, Colorado already had legalized the sale of medical marijuana – the use of cannabis for medicinal purposes. The new law expanded both the market for legal marijuana purchases and created new tax revenue to be generated by this market. Proponents of Amendment 64 pledged the first $40 million raised annually towards Colorado primary school capital construction, and this language was included specifically into the bill. However, based on the analysis of the fiscal impact of the policy conducted by the Colorado Futures Center at Colorado State University, the excise tax earmarked for school construction is not on target to generate the $40 million stipulated by the legislation (Brown & Resnick, 2014).

The False Promise of Marijuana Money in Education
The Atlantic, May 4, 2015

High Tax Rates Blunt Efforts to Use Marijuana Revenue for Schools
Education Week, April 20, 2015