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Colorado marijuana sales crack $6 billion since 2014 legalization, state says

News Posted Feb 10 2019

Colorado's legal cannabis industry has set impressive sales records since it's launch in 2014. In total, all cannabis products sold over the last 5 years have been worth $6 billion with the program bringing in a total of $927 million in tax revenue for the state. In 2018 alone Colorado sold $1.55 billion in cannabis products just beating 2017's record of $1.51 billion. Despite the legal cannabis program growing in size and value each year, research has shown that the comsumption of cannabis by minors has not increased since legalization as some feared it would. With such a valuable taxable commodity, some have suggested that some of the tax revenue collected from cannabis could be used to pay Denver teachers on strike, however Colorado's law is setup so that cannabis taxes can only be used to pay for school construction and programs, not salaries. 

The sales have Colorado on the cusp of another milestone: $1 billion in marijuana tax, licensing and fee revenue. As of the end of January, the state had collected $927 million from those categories — covering both recreational and medical marijuana businesses — since adult-use pot became legal in 2014. Colorado collected more than $266.5 million in taxes, fees and licensing payments in 2018 alone. 

Original article: https://www.denverpost.com/2019/02/12/colorado-marijuana-sales-6-billion-since-legalization/

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