For the twelfth month in a row, combined medical and recreational sales in Colorado have surpassed $100 million, as the state Department of Revenue reports sales for May topped $127.7 million, according to state figures outlined by Forbes. Since the beginning of this year, cannabis sales in Colorado have totaled $620 million, with $95 million paid to the state in taxes.
Separately, a VS Strategies report found that Colorado has reaped $506,143,635 in taxes and fees derived from the legal cannabis since legal sales began on Jan. 1, 2014. According to the report, 51.3 percent of those funds have been used for K-12 education, including $117.9 million for school construction projects, and $5.7 million for the Public School Fund.
Mason Tvert, former communication director for the Marijuana Policy Project who now serves as vice president of public relations and communications for VS Strategies, said that while the funds “might not fix every school or help every person who needs it, it is having a significant and positive impact on our community.”
“Legalizing, regulating, and taxing marijuana for adult use has generated hundreds of millions of dollars in new revenue for Colorado,” Tvert said in the report. “Marijuana tax money has been used to improve a wide range of programs and services. It is funding everything from school construction to substance abuse treatment to fighting homelessness.”
The Aurora City Council allocated $1.5 million for homeless services, while 14.2 percent of the revenue has been used for substance abuse treatment and prevention services throughout the state.