Colorado surpassed $1 billion in legal weed revenue.
Since the state started selling legal weed in 2014, more than $6.5 billion products have been sold. Since July 2017, Colorado hasn’t seen a single month where cannabis tax revenue wasn’t more than $20 million.
The state saw its highest profits ever during April and May 2019, when the total take from taxes and fees was approximately $24 million.
“The cannabis industry in Colorado is thriving—the state has reached $1 billion in marijuana tax revenue,” Colorado Governor Jared Polis tweeted. “We must continue to lead the way. We want Colorado to be the best state for investment, innovation, and development for this growing economic sector.”
Colorado’s tax revenue from cannabis took approximately three and a half years to reach $500 million, but the jump from $500 million to $1 billion took less than two years. The milestone prompted Senator Bernie Sanders to renew calls for legalization.
“At a time when states are making a billion dollars in marijuana sales, we must immediately remove the absurd federal prohibition on marijuana sales, expunge the records of 600,000 people and finally legalize marijuana across the country,” he stated on Facebook.
Taxes from cannabis sales in Colorado go toward the state’s general fund, as well as education and healthcare, including mental health services and youth prevention programs.