Colorado’s Cannabis Industry Is Great For The State
What would your state do with an extra $200 million dollars in tax revenue. Well first Colorado set aside $40 million dollars for new public school construction. Then they divided up the remaining $160 million dollars for health care, health education, law enforcement and substance abuse programs.
Colorado made so much money on marijuana sales in 2015 that they had to consider a tax refund. Under a state law, Colorado almost had to give back $66.1 million dollars it collected in marijuana taxes because the state, simply collected too much tax money. The people of Colorado actually voted in support of the state keeping the money.
Were they high or something?
No, not at all (well maybe they were). The people of Colorado were pleased with the fact that after legalization the state actually had more money to function. “Money is going to schools, road construction and other capital projects that many of had hoped for” Kevin Lauder told techweeds.com
Konbini reports that since 2014 (when pot went on sale in Colorado) the revenue has more than doubled from the $699 million it took in during that first year.
Nationwide Americans spent an estimated $53 billion on cannabis in 2016. That includes the black market. That has many activist groups speaking out, not just for tax concerns and more revenue to states nationwide but also for safety.
“[Colorado’s tax revenue] is just the tip of the iceberg. Marijuana is now being sold in licensed businesses, rather than out on the street. It is being properly tested, packaged, and labeled, and it is only being sold to adults who show proof of age.
[Colorado is] reaping the invaluable public health and safety benefits of replacing an underground market with a tightly regulated system…
The system is working.” The Marijuana Policy Project Said
To date 8 states have fully legalized cannabis while 28 states have some kind of medical marijuana legislation on the books. There is overwhelming support across the country to continue this legalization movement. Our own Rebel Storm takes a look at the next few states that could legalize marijuana.