Here’s How Much Tax Revenue Colorado Has Reaped Since Legalizing Cannabis
The legal cannabis industry in Colorado has reached another huge milestone. On Wednesday the Colorado department of Revenue announced the state has now generated more than $1 billion from cannabis taxes since the recreational cannabis market launched in 2014.
In a statement, Gov. Jared Polis (D) used the new achievement as proof that the legal cannabis industry is an important driver of the state’s economy.
“This industry is helping grow our economy by creating jobs and generating valuable revenue that is going towards preventing youth consumption, protecting public health and safety and investing in public school construction,” Polis said.
While states like California have struggled to grow their legal cannabis markets, Colorado’s has continued to grow year over year. Since launching in 2014, total sales of recreational cannabis has now exceeded $6.5 billion in the Centennial State, which continues to beat its own records.
However, despite the fact that Colorado’s cannabis market is the most mature in the country, Polis said he knows that things can change quickly. In order for Colorado to keep its position as the leader in legal marijuana, they’re going to have to continue to put in the work.
“Today’s report shows that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels,” Polis said. “We can and must do better in the face of increased national competition. We wanted Colorado to be the best state for investment, innovation and development for this growing economic sector.”
h/t: US News & World Report