U.S. Legal Adult-Use Marijuana Sales Grow 184% in One Year
Published on Jan 31, 2016
The legal cannabis industry has seen incredible growth since legalization has sprouted in so many states around the US. The industry has an estimated worth of $5.4 billion as of 2015 and shows no sign of slowing down. Recreational sales shot up from $351 million in 2014 to $998 million in 2015 which is an increase of 184%. Despite medical benefits and being safer than alcohol, additional tax revenue seems to be a primary reason that states are interested in legalization. This year will see several states voting to reform their marijuana policy, possibly shifting the US into a new pro-marijuana majority.
Colorado was the first state to take the plunge and reaped $135 million in cannabis taxes and licensing fee in 2015, a 77 % increase over 2014. Even in a state like Washington that was beset with problems as its program was initiated managed to generate $70 million in tax revenues in its first year. Those tax dollars has prompted seven more states to vote on recreational marijuana laws this year.