Colorado cannabis tax revenues reach half a billion dollars
Tax revenues from medical and recreational cannabis sales have reached half a billion dollars since sales began in 2014.
A report published this Wednesday, July 19 by VS Strategies, a cannabis public affairs and lobbying firm, describes how certain funds were spent or allocated at local and national level.
In 2012, Colorado approved the’amendment 64 legalizing the use and consumption of recreational cannabis. It thus became 1 of the first American states to legalize cannabis for recreational use. At the time, experts estimated that cannabis could generate between $5 and $22 million a year for the state of Colorado.
Brian Vincente, attorney and advocate for cannabis policy in the U.S., reacted, «This is a major milestone. Colorado continues to set an example for the world.»
A considerable source of income
As of May 2017, Colorado cannabis dispensaries have totaled $3.6 billion since the sale of cannabic products for medical and recreational use began in 2014: weed, but also edibles and cannabis concentrates. Last year, cannabis sales had reached $1.3 billion in the state.
Most of the revenue generated by cannabis is earmarked for education. Amendment 64 calls for the first tax revenues, estimated at $40 million, to be used for school construction and education.
In addition, Pueblo County recently decided to 420,000 in scholarships for baccalaureate graduates. This program is the world's first cannabis tax grant.
Mason Tvert, a leading advocate of Amendment 64, recently explained for the Huffington Post The money from the cannabis tax has been used to improve a wide range of programs and services.
Tax revenues from cannabis in Colorado will also be used to apply additional coercive measures on cannabis trafficking. Mentoring services for youth are planned, as is funding for a substance abuse program.
Budget officials and economists believe that cannabis sales in Colorado will continue to grow, but will eventually level off. When will that be? We don't know 🙂
Mehdi Bautier
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