January of each year kicks of the height of tourism season and Colorado and this year, that meant record marijuana sales for the state.
In January of this year alone, the Department of Revenue reported $36.4 million of recreational marijuana sold, and around $2.35 million of that is going directly to the public school system. This marks a nearly 60% increase in sales year over year, with only $14.69 million sold in January 2014 compared to the $36.4 million in January 2015.
The first year of legalization for Colorado taught us some valuable lessons on what legal marijuana looks like, but it appears the industry is still growing. The state missed it’s anticipated $70 million in tax revenue, but still netted $44 million in revenue for the year. The tax revenue is still anticipated to grow by many due to cannabis tourism and the amount of residents making the switch from medical patients to the much more lucrative recreational customer.
This migration of medical patients is illustrate by a 13% decrease in medical sales from 2014 to 2015 (from $31.21 million to $28 million). Last year, the state sold more medical marijuana than recreational marijuana. As the tide begins to shift, it is likely that more and more tax revenue will filter in to the Colorado Department of Revenue, helping to support public schools and infrastructure for the state.
via: The Denver Post