Cassie Gallegos

Colorado Reaches $1B in Cannabis-Derived Revenues

Since its establishment in 2014, Colorado’s legal cannabis industry has generated just over $1 billion in tax revenue for the state. More than $6.5 billion worth of cannabis has been sold.

Full story after the jump.

Colorado’s cannabis industry has raised $1 billion in revenue for the state since legal sales began in 2014, according to state data. To date, cannabis tax, license, and fee revenues is just over $1.02 billion and cannabis sales are over $6.56 billion.

There are currently 2,917 licensed cannabis businesses in the state along with 41,076 individuals licensed to work in the industry.

In a statement, Gov. Jared Polis (D), noted that cannabis revenues help fund public school construction, programs to prevent youths from consuming cannabis, and public health and safety programs.

“Today’s report continues to show that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels. We can and we must do better in the face of increased national competition. We want Colorado to be the best state for investment, innovation and development for this growing economic sector.” – Polis, in a statement.

Tista Ghosh, Colorado Department of Public Health and Environment’s chief medical officer, indicated that more than 50 communities have received cannabis-derived funds to expand local efforts to prevent youths from using cannabis.

“Today, more adults know the laws around retail marijuana, more parents are planning to talk to their children about the risks of marijuana use, and most young women know the danger of marijuana use during pregnancy and breastfeeding,” she said in a statement.

According to Department of Revenue figures, from January to April more than $522.5 million worth of cannabis has been sold in the state and January marked the highest sales in the state since legalization for combined medical and recreational markets.

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