Internet Explorer 11 is not supported

For optimal browsing, we recommend Chrome, Firefox or Safari browsers.

Marijuana Tax Revenue Surpasses $1 Billion in Colorado

Marijuana tax, license and fee revenue has reached $1.02 billion, and marijuana sales over $6.5 billion, the Colorado Department of Revenue announced in a news release.

PotStoreColordao
A medical marijuana dispensary in Denver, Colo.
(Wikimedia Commons/Jeffrey Beall)
By Carina Julig

Colorado has surpassed $1 billion in tax revenue from marijuana sales since recreational use was legalized in 2014.

Marijuana tax, license and fee revenue has reached $1.02 billion, and marijuana sales over $6.5 billion, the Colorado Department of Revenue announced in a news release. Colorado has 2,917 licensed marijuana businesses and 41,076 licensed individuals working in the industry.

Marijuana revenue funds a range of youth and public health programs in Colorado, including mental health services, youth literacy initiatives and anti-bullying programs in schools. Marijuana tax revenue goes to both state and local governments.

"This industry is helping grow our economy by creating jobs and generating valuable revenue that is going towards preventing youth consumption, protecting public health and safety and investing in public school construction," Governor Polis said in a statement.

Colorado must continue to innovate in the marijuana industry in the face of growing national competition, Polis said. Colorado was the first state in the nation to legalize recreational marijuana, but since 2014 nine other states as well as Washington D.C. have followed suit, and more plan to do so.

(c)2019 The Denver Post

Special Projects
Sponsored Stories
Sponsored
The latest news about government abuse can make state and local lawmakers feel powerless to act to protect their constituents.
Sponsored
CareStart, On/Go, iHealth, QuickVue manufacturers increase production.
The 2021 Ideas Challenge recognizes innovative public policy that positively impacts local communities and the NewDEAL leaders who championed them.
Sponsored
Drug coverage affordability really does exist in the individual Medicare marketplace!
Sponsored
Understand the differences between group Medicare and individual Medicare plans and which plans are best for retirees.
Sponsored
For a while, concerns about credit card fees and legacy processing infrastructure might have slowed government’s embrace of digital payment options.
Sponsored
How expanded financial assistance, a streamlined application process and creative legislation can help Black and brown-owned businesses revive communities hit hardest by the pandemic.
Sponsored
In recent years, local governments have been forced to adapt to a wildly changing world, especially as it pertains to sending bills and collecting payments.
Sponsored
Workplace safety is in the spotlight as government leaders adapt to a prolonged pandemic.