Colorado surpasses $1B in pot tax revenue since legalization
A marijuana plant is displayed during a 4/20 celebration in Golden Gate Park on April 20, 2018 in San Francisco, California. (Photo by Justin Sullivan/Getty Images)
DENVER (AP) - Colorado has surpassed $1 billion in tax revenue from marijuana sales since recreational use of the drug was legalized in 2014.
The Colorado Department of Revenue says sales since legalization have topped $6.5 billion, generating $1.02 billion from taxes, licenses and fees. The state has more than 2,900 licensed marijuana businesses and more than 41,000 licensed workers in the industry.
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Gov. Jared Polis says, “This industry is helping grow our economy by creating jobs and generating valuable revenue.”
The Denver Post reports marijuana revenue funds a variety of public health programs, including mental health services, youth literacy initiatives and anti-bullying programs in schools. The tax revenue goes to state and local governments.
Colorado was the first state to legalize recreational marijuana. Nine others and Washington D.C. have followed suit.
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Information from: The Denver Post, http://www.denverpost.com