Colorado generates more than $1 billion in revenue from cannabis
The funding is being used to benefit state and local communities
Since legalizing the recreational use of marijuana, Colorado has effectively generated over $1 billion in tax revenue from the industry.
According to the Colorado Department of Revenue, the total sales of cannabis products has exceeded $6.5 billion after legalization in 2014, with the state amassing $1.02 billion in revenue from taxes, fees, and licensing for distribution.
In a statement covered by the Associated Press, Colorado Governor Jared Polis said, “This industry is helping grow our economy by creating jobs and generating valuable revenue.”
The majority of these revenues have been circulated back into the state and local economies, benefitting numerous public health initiatives, mental health services, youth literacy programming and anti-bullying campaigns in public schools.
According to The Denver Post, Colorado has approved 2,917 licensed marijuana distribution and manufacturing businesses, while legally employing 41,076 individuals to work in the marijuana industry.
Colorado was the first state to legalize the recreational use of marijuana, before Washington DC and nine other states joined the wave of green.
Ryan Baesemann is an Editorial Contributor to Mixmag. Follow him on Twitter.