Colorado: $1.3 Billion in Legal Cannabis Sold in 2016, Nearly $200 Million in Taxes Generated
Colorado Department of Revenue has released data showing that there was $1.3 billion in cannabis sold last year.
This resulted in almost $200 million in new tax revenue for the state. A large portion is earmarked towards school construction and funding.
“Over one billion dollars in marijuana sales that once took place in the underground market were instead conducted in regulated businesses this year”, says Mason Tvert, Marijuana Policy Project’s Communication Director. “The state received nearly $200 million in marijuana tax revenue, whereas just a decade ago it was receiving zero.”
Tvert continues; “Hopefully this will be a wake-up call for the 42 states that still choose to force marijuana sales into the criminal market and forego millions of dollars in tax revenue.”
Colorado’s total cannabis sales for 2016 came close to the sales in Washington State, but fell slightly short; in Washington there was a little over $1.4 billion in cannabis sold, earning the state around $260 million in taxes.
