Revenues from Colorado’s legal cannabis industry have surpassed over a half-billion dollars since retail sales began on January 1, 2014.
According to an analysis by VS Strategies, cannabis-related taxes and fees have yielded $ 506,143,635 in new state revenue over the past three and one-half years. (Local tax revenue was excluded from the analysis.) Much of the revenue raised has gone to fund school construction projects, school-drop out and substance abuse prevention programs, and grant funding.
The half-billion dollar total far exceeds initial projections. Tax revenue from legal cannabis sales in Oregon and Washington have also exceeded regulators’ initial expectations. In Nevada, where retail sales to adult became legal on July 1, retailers reported over 40,000 transactions in just the first weekend.