Colorado Weed Legalization Pays Off: Tax Revenue Up, Crime Rates Down
The numbers are in and, in the month of March, Colorado sold nearly US$19 million in recreational weed. From this revenue, US$1.9 million in taxes has been allocated to building schools and improving the state’s infrastructure. In addition, as sales went up, the crime rate went down 10.6 percent during the same period.
Colorado will make US$30 million this year in pot taxes alone according to Policy Mic, although these estimates are considered low since the medicinal and recreational marijuana markets are likely to keep trending upward.
A more accurate figure might be $60 million in weed tax revenue, even though the herb’s medical use is not as heavily taxed as recreational sales.
There are currently 97 recreational dispensaries in Colorado according to Weedmaps, and more are expected to open as the marijuana business takes off.