Colorado has collected $1.02 Billion USD from licenses, fees, and marijuana taxes.
The State started to collect taxes, fees, and license in 2014. This is currently being considered as a new milestone for the state.
The good news about this is that the sales revenue in the state is increasing.
In March 2019 alone, the dispensaries in Colorado showed their record sales for one month, and the total sales of marijuana related products reached $142.4 Million USD.
Since January 2014, there have been $6.5 Billion USD in marijuana sales in the state.
Recreational Marijuana started its sales in January 2014.
Where Does The Money Go?
The Marijuana Tax Revenue funds a number of government programs such as health, human, and educational services.
The tax will also fund the operations of the state that is responsible for licensing and regulating the cannabis industry in the state.
The tax will also be used in youth programs, safety programs, behavioral health treatment programs, and youth programs in the state.
The Marijuana Tax Revenue will also fund some programs that are under the Department of Education in Colorado.
It will fund programs like:
- The Building Excellent Schools Today (BEST) capital construction assistance fund
- Early Literacy Competitive Grant Program
- School Health Professional Grant Program
- School Bullying Prevention and Education Grant Program
During a press release, Jared Polis, a Governor in Colorado said, “Today’s report continues to show that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels.”
He added, “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.”
The governor also talked about how the industry has helped the state.
He said, “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.”
Residents in Colorado to legalize Marijuana in 2014, and as of now, there are 2917 licensed marijuana businesses in the state, with over 41 thousand individuals that are working in the industry.