DENVER, Colorado | All That Green
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$500 million generated for schools, healthcare, youth services and more.
As the legalization of recreational and medical cannabis spreads across the United States, more Americans than ever are consuming marijuana. Eight states (plus D.C.) have legalized recreational marijuana, with a total of 29 states now permitting medical marijuana. That means that more than half of all Americans have access to legal marijuana. The times, they are a changin…
According to Arcview Market Research, the legal cannabis market in North America collected more than $6 billion in sales last year. That’s 30% growth! Total sales in the U.S. and Canada are projected to surpass $20 billion in the next four years. If this rate of growth continues, it will significantly outpace the dot.com boom, which averaged a stunning 22% growth in annual GDP.
In 2014, Colorado Amendment 64 took effect and the state began the commercial sale of marijuana. Since then, Colorado has collected more than $500 million in tax revenue. According to industry analysts at Denver based VS Strategies, a review of the public data from the Colorado Department of Revenue revealed the state had passed the half billion dollar milestone this past May.
Where has the money gone?
– $117 million for school construction, with another $5.7 million for the Public School Fund.
– $16 million for substance abuse prevention and treatment, plus $10.4 million allocated towards behavioral and mental health services in the state.
– Aurora City allocated $1.5 million to support homelessness. Pueblo County used $420,000 to fund college scholarships.
Mason Tvert and Brian Vicente of VS Strategies handed an oversized check for $500 million to Colorado State Representative Jonathan Singer on Wednesday, to commemorate the impressive milestone.
Fox news Denver quoted Mason Tvert as saying “Legalizing, regulating, and taxing marijuana for adult use has generated hundreds of millions in new revenue for Colorado… Marijuana tax money has been used to improve a wide range of programs and services.”