It was no secret that recreational marijuana would bring in a large amount of new tax revenue. It seems, though, that the best is yet to come in regards to revenue numbers. June has been the most lucrative month so far, and the industry just keeps growing. Factoring in taxes, licenses, and fees in both medical and recreational marijuana, Colorado has injected $29.8 million into its economy.
Equally astounding is the fact that the fledgling recreational market is already reaping nearly the same amount as the established medical system. With a modest 2.9% state tax applied to all sales, medical and recreational, medical sales brought in just less than 20% more than recreational.
According to the Denver Post, the future looks even brighter. Governor Hickenlooper sent out a budget request in February that projected a staggering $98 million in pot taxes for the fiscal year that began this July.
As the so-called “experiment” of recreational marijuana continues, it confirms what we already knew: everyone is fine and now there is extra revenue. As more and more entrepreneurs make it through the paperwork and red tape to open their businesses, sales will only climb. Once established statewide, the recreational system promises even more tax dollars than medical, and that’s before snack food sales are factored in.
h/t: The Denver Post
More from AATTP about the legalization of marijuana in American:
- 6 Months Into Legal Pot Sales, Colorado is Not a Hellish Crime-Ridden Dystopian Wasteland
- Finally the US House Does Something Right: Blocks DEA from Targeting Medical Pot Dispensaries
- Far Out, Man: California Pot Dispensaries Offer Free Weed to Voters!