In case you hadn’t noticed with all the other exciting things that have been happening this month, Colorado is still making a hell of a lot of money off of cannabis. The first state to legalize recreational cannabis has made 506 million dollars in tax revenue since sales began in 2014. In three years, the state has made half a billion dollars from selling weed. In 2014 the state made 76 million, in 2016 they made almost 200 million. Five months into the year the state had made 100 million. That’s a ridiculous amount of money. That’s more money than I can ever hope to spend or even see in my lifetime.
Currently, there is a 15% excise tax on wholesale transfers of cannabis, a 10% tax on recreational sales, and an additional 2.9% state sales tax on all cannabis sales. This adds up to quite a lot apparently.
All of that money is going towards good causes though. Half of it goes towards improving Colorado schools. 117.9 million went towards repairing infrastructure, according to this report by VS Strategies, 5.8 million went towards preventing school dropouts and bully prevention. Some also went towards providing scholarships for students in need. 16 million goes towards substance abuse programs, and the rest goes towards improving public health programs. Legal cannabis has done a lot to improve communities in Colorado. Certainly it’s done a lot more than prohibition ever did.
Hopefully those lawmakers still opposed to cannabis legalization who claim to want “more proof” that cannabis will be beneficial for their state will see these figures.
Source: New York Daily News
Image Source: Investopedia
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