It’s official. Colorado’s cannabis industry is worth an estimated $10 billion. The cannabis industry in Colorado is now so robust, the state’s governor signed a bill into law last week to allow the industry to fully flourish. The new law, SB 386, is a major step towards legalizing recreational marijuana. It allows for growth of 22 types of plants, including industrial hemp, and allows for the sale of edibles, creams, oils, and extracts. Now that the law has been signed, the state’s department of revenue is updating the rules to define the new industry.
Marijuana sales in Colorado are now over $10 billion since 2014, and the industry is expected to grow more than $100 million more in 2017.
The sales of recreational and medical cannabis in Colorado ($10 billion) are no longer a secret. Industry insiders have been feathering their sails for years, but now the media has taken to calling Colorado’s cannabis sales “massively successful.” The state’s cannabis industry has become a source of economic development that has the potential to boost the state’s economy. Colorado’s $10 billion cannabis industry is on track to reach $100 billion by 2020.. Read more about colorado medical concentrate limit and let us know what you think.
Louis O’Neill 24 May 2 min read
The state is another example of the economic benefits that can be gained by legalizing cannabis.
In the United States, Colorado was one of the first states to legalize cannabis for adult recreational use in 2012. So Colorado is a litmus test for the long-term effects of cannabis legalization, and so far they’re pretty good. According to the Colorado Department of Revenue, the state has generated more than $10.5 billion in cannabis sales since 2014, with annual sales increasing year over year. In the first three months of 2021 (January-March), Colorado collected more than $561 million, meaning the state will collect more than $2.4 billion this year – a new record. Since Colorado legalized cannabis, the state has collected more than $1.7 billion in taxes, 71 percent of which goes into a fund that pays for programs like education, law enforcement, health care and others. Although Colorado has had its own problems with THC restrictions and hospitalizations (mainly because people used too much tincture and felt very anxious afterwards), the state has generally been able to secure significant funding for community programs while eliminating penalties for marijuana possession. This allows law enforcement in Colorado to shift its focus from drug use (in this case marijuana) to crimes like robbery and violent crime. Additionally, the cannabis industry in Colorado is estimated to have created approximately 30,000 jobs, making cannabis a major job creator in the United States. And when you consider that states like Illinois will make more than $1 billion from cannabis this year alone, even though the plant won’t be legalized for recreational use until the early 2020s, it’s clear that success isn’t limited to Colorado.
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