Colorado has reached a new economic milestone; The Centennial State has generated $1 Billion in total state revenue from the cannabis industry.
Since the state legalized cannabis in 2014 the industry continues to reach milestone after milestone as it grows into a larger part of the state economy. Colorado has remained an industry pioneer by opening doors that have never been opened before for cannabis consumers and companies alike. This industry is approaching its 6th year of legalization and research data has been more abundant than ever. Based on a report from the Colorado Department of Revenue there are 2917 licensed cannabis businesses and over 41,000 people who are licensed to work in the industry.
In response to this report Governor Jared Polis iterated ““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,”. “This industry is helping grow our economy by creating jobs and generating valuable revenue that is going toward preventing youth consumption, protecting public health and safety and investing in public school construction.”. Cannabis is being regarded as an economic booster where Medical and Retail cannabis are being having taxes laid upon them up to 29% in some areas depending on local tax rates. This extra tax money is being put into the state economy by creating jobs, revenue and is being used toward community enrichment like public school construction. Cannabis in Colorado has grown to become a billion-dollar industry that is growing into a strong tax income for the state.
Dispensaries are popping up all over the state, a recent study has found that in Denver there are more on cannabis dispensaries than McDonalds and Starbucks combined. For each cannabis dispensary that exists comes a large chunk of tax dollars that is being put back into the communities surrounding them. As the old saying goes, “money talks” and with each passing year the cannabis industry in Colorado loudly furthers the proof that cannabis legalization isn’t just a pipe dream but a viable sector of the US economy.