Denver, Colo. (KCNC/CNN Newsource) – The State of Colorado has raked-in more than half-a-billion dollars in revenue, all thanks to recreational marijuana, according to one group.
A pro-legalization research company in Denver–VS Strategies–said the state has pulled in $506,000,000 in taxes and fees since retail sales began in 2014.
That includes taxes and fees from medical marijuana, which was legalized years earlier. But the vast majority is from recreational.
California, Maine, Massachusetts and Washington, D.C.. have also legalized recreational weed, but Colorado was the first, so it has the most mature market,
Marijuana advocate Mason Tvert said, “The state has now raised more than $500,000,000 in marijuana-related revenue since adult cannabis sales began on January 1, 2014.”
Brian Vicente with Vicente Sederberg LLC added, “Essentially, the money brought in through taxes and fees would cover all of the regulatory costs related to regulating this new product, and I’m happy to announce that it has paid for itself and beyond. in fact, last year, only 12% of the total revenue brought in from marijuana actually went to regulating the product, so the vast majority of money being brought in through these taxes and through these fees is really paying for other positive services for the state.”
State revenue officials say they have not calculated their own total revenue summary.
U.S. Attorney General Jeff Sessions is a vocal opponent of legalizing cannabis. He has said, “Good people don’t smoke marijuana.”
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