$1 Billion Dollars in Revenue
The state of Colorado has officially generated over $1 billion dollars in state revenue since legalizing recreational cannabis back in 2014. The states cannabis revenue continues to grow each year. In the past 2 years alone, Colorado has generated $500 million. This past April, was the highest grossing month coming in with $24.2 million grossed.
Colorado’s monthly tax and fee revenue has generated at least $20 million or more each month, following legalization in 2014. Portions of that tax and fee revenue are being used to fund education, health care and youth drug-prevention programs.
Even with all the success Colorado has had around cannabis, they continue to raise the bar. Governor Jared Polis recently signed two new bills legalizing cannabis delivery services and social use areas. By the beginning of 2020, consumers will have the option to have their cannabis delivered straight to their door like your local pizza joint, no pun intended. There will also be designated cannabis areas where people can consume in a public setting, similar to cigar and hookah bars. The new bill also allows dispensaries to apply for a tasting room license so their customers can try out the product in store before purchasing. These bills are expected to increase cannabis profits even more since businesses such as hotels, restaurants, music venues, art galleries and yoga studios can apply for private consumption licenses and limited cannabis sales.
“Today’s report continues to show that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels,” Governor Polis said in a recent press release indicating that Colorado is not afraid to lead the industry pushing the limits and testing the waters for other states in America. He plans to focus on creating new jobs and preventing youth consumption, which are both major concern for many americans.
We’ll make sure to keep a close eye on Colorado so we can keep you up to date with their latest cannabis endeavours.