Colorado passes more than $1 billion in marijuana revenue

Colorado passes more than $1 billion in marijuana revenue

Five years after it began selling recreational marijuana, Colorado has generated more than $1 billion in marijuana revenue.

The Colorado Department of Revenue reported that the state has seen more than $6 billion in total sales since it began selling cannabis in 2014. Colorado saw more than $6.5 billion at the end of last month, according to state data.

The state reported that there are nearly 3,000 licensed marijuana businesses in the state employing roughly 41,000 people.

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“The cannabis industry in Colorado is thriving – the state has reached $1 billion in marijuana tax revenue,” Colorado Gov. Jared PolisJared Schutz PolisColorado governor pokes fun at FaceApp Number of openly LGBTQ elected officials rose nearly 25 percent since 2018: report GOP gun rights activist arrested for flashing handgun at U.S. marshal MORE (D) announced on Twitter on Wednesday.

“We must continue to lead the way,” he continued. “We want Colorado to be the best state for investment, innovation and development for this growing economic sector.” 

According to the data, April and May were the highest-grossing months for marijuana revenue in the past five years. 

The state collects a 2.9 percent sales tax on medical marijuana, a 15 percent special sales tax on retail marijuana and a 15 percent excise tax on retail marijuana, CBS Denver noted.

Revenue from marijuana sales has been used to help fund a number of efforts across the state, including youth prevention initiatives, behavioral health treatment and the licensing of legal marijuana businesses.

Jim Burack, the director of the department’s marijuana enforcement division, said the department is committed to “facilitating responsible innovation within this dynamic industry through continued engagement with our diverse group of stakeholders” and added that Colorado “will continue to be known for its regulatory leadership.”