Just over six and a half years after Colorado voters cast their ballots in favor of legalizing adult-use cannabis, the state’s marijuana tax revenue has surpassed the $1 billion mark.
The Colorado Department of Revenue announced the new total in a press release on Wednesday, showing how tax revenue from recreational cannabis sales is being used to fund public safety and wellness efforts as well as Human Services programs and public health initiatives.
“Today’s report continues to show that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels,” says Governor Jared Polis. “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.”
Governor Polis says that the cannabis industry is helping to grow the state’s economy by creating jobs and generating revenue for public school construction as well as protecting public health and helping prevent underage consumption.
In addition to health and crisis assistance, criminal justice diversion, and youth and adult behavioral and mental health programs, cannabis tax funds also go to support substance abuse disorder and detoxification services.
“Five years ago, taxes from retail marijuana sales funded the first-ever retail marijuana public education campaign and scientific committee to review the health effects of marijuana as mandated by Colorado voters,” said Colorado Department of Health and Environment Chief Medical Officer, Tista Ghosh. “Today, as retail marijuana sales remain steady, our public awareness efforts include community-based youth prevention with more than 50 communities receiving funding to expand local efforts.”
According to the Department of Revenue, cannabis sales in Colorado have exceeded $6.56 billion and generated more than $1.02 billion in tax revenue, and there are currently 2,917 registered cannabis companies in the state, employing more than 41,076 licensed workers.
