A new report released by Colorado’s Joint Budget Committee has projected that the state will make over $180 million in taxes during the first 18 months of legal recreational cannabis sales. The committee estimates revenue of about $610 million from retail and medical cannabis from January 1st of this year, to June 30th, 2015.
Recreational cannabis sales began in Colorado on January 1st; sales exceeded $5 million in the first week.
As part of their report, the committee released a request that $103.5 million be allocated towards the following causes: $45.5 million for the prevention of youth cannabis use; $40.4 million for substance abuse treatment; $15.2 million for public health and law enforcement; $1.8 million for regulatory oversight; and $200,000 for “statewide coordination.”
This allocation of funds “represents a strong yet cautious first step toward ensuring a safe and responsible regulatory environment”, according to the committee.