Other states should be super jelly right now.
Colorado, the first state in the U.S. to make recreational pot legal, has not only been one of the most chill states since 2014, but also, raked in a ton of other green in the process.
According to an analysis of the state data released Wednesday by Denver-based BS Strategies, Colorado received more than $500,000 in marijuana-related revenue, including taxes and fees.
Since the beginning, the state imposed a 15 percent excise tax on wholesale transfers of marijuana for adult use and a special 10 percent sales tax on retail sales of recreational weed. This is also coupled with a 2.9 percent state sales tax. On July 1, marijuana began being exempt from the state sales tax. Sales-wise, Colorado totaled over $1 billion last year alone.
“Legalizing, regulating, and taxing marijuana for adult use has generated hundreds of millions of dollars in new revenue for Colorado,” says Mason Tvert, a leader in Colorado’s 2012 push to get recreational marijuana legalized. “Marijuana tax money has been used to improve a wide range of programs and services. It is funding everything from school construction to substance abuse treatment to fighting homelessness. While it might not fix every school or help every person who needs it, it is having a significant and positive impact on our community.
“We hope lawmakers will continue to distribute these funds responsibly and not lose sight of what voters intended when they opted to regulate and tax marijuana similarly to alcohol,” he continued.