Prohibition states, take note: weed can make you a lot of money.
From January 2014 to May 2019, marijuana has made Colorado more than $1 billion in tax revenue, according to the Colorado Department of Revenue. To be exact, that’s $1.01 billion, with around $6.7 billion in weed sold at Colorado dispensaries, according to Westword.
After legalizing marijuana, the state has gradually grown in sales every year, with 2019 sales already set to surpass 2018, according to Westword.
New policies, such as allowing marijuana delivery, social consumption, autism disorder patients to be treated with medical marijuana, doctors to prescribe medical marijuana rather than opioids, and ending a ban on publicly traded cannabis companies have all contributed to the state’s growing revenue.
The taxes are used to fund public schools, supply affordable housing, and support behavioral health programs, to name a few.
“Today’s report continues to show that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels. We can and we must do better in the face of increased national competition. We want Colorado to be the best state for investment, innovation, and development for this growing economic sector,” Polis said. “This industry is helping grow our economy by creating jobs and generating valuable revenue that is going toward preventing youth consumption, protecting public health and safety and investing in public school construction.”