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Colorado has made more than $1bn from legal marijuana industry

Colorado has made more than $1bn (£789m) since it legalised marijuana in 2014, with more than 41,000 people now licensed to work in the industry.

It is the latest milestone for the state which has been home to more than $6.5bn in total cannabis sales since legalisation.

April, which includes the annual marijuana celebration 420, and May this year were the two highest-grossing months in the five-year history of the industry. Sales reached a peak of $24.2m in April, with May’s figure being $23.9m.

Demand has been steadily growing, with the state’s revenue growth from $500m to $1.02bn in just under two years – while getting to $500m took three-and-a-half.

 

In February 2014, the first month with sales data, the state’s total tax and fee revenue was $3.5m. Since July 2017 that monthly figure has not dipped below $20m. Although that does include a rise in the sales tax on cannabis from 10 to 15 per cent that kicked in that month.

Where is cannabis legal in the US?

Illinois recently became the 11th US state to approve cannabis for recreational adult use, the law is due to go into effect in 2020. It joins a list including California, Maine, Massachusetts, Oregon, Vermont, Michigan, Nevada and Alaska. Washington DC also allows legal marijuana sales, while more than 30 states.

In light of this, Colorado Governor Jared Polis said the state “can’t just rest on our laurels”.

“Today’s report continues to show that Colorado’s cannabis industry is thriving, but… We can and we must do better in the face of an increased national competition. We want Colorado to be the best state for investment, innovation and development for this growing economic sector,” he said in a statement.


7/20/2019 10:46:52 AM