Denver, CO: Revenues from Colorado’s legal cannabis industry have surpassed over a half-billion dollars since retail sales began on January 1, 2014.
According to an analysis by VS Strategies, cannabis-specific taxes and fees have yielded $506,143,635 in state revenue over the past three and one-half years. (Local tax revenue was excluded from the analysis.) Much of the revenue raised has gone to fund school construction projects, school drop-out and substance abuse prevention programs, and grant funding.
The half-billion dollar total far exceeds initial projections. Tax revenue from legal cannabis sales in Oregon and Washington have also exceeded regulator’s initial expectations, In Nevada, where retail sales became legal on July 1, retailers reported over 40,000 transactions in just the first weekend. In Alaska, legal cannabis sales have generated $1.2 million dollars in tax revenue over the first eight months.
For more information, contact Justin Strekal, NORML Political Director, at (202) 483-5500.