Colorado was one of the first states to legalize marijuana both medically and recreationally, and now, two years later, results around the state indicate the move was very profitable. The Washington Post released data that indicated Colorado banked $700 million in marijuana sales in 2014. Of those funds, the state received $63 million in tax revenue and another $13 million in licenses and fees. The actual amounts collected are perceived to be even higher than these numbers, since figures do not include data from marijuana-related products that are sold.
Now, three years later, the taxes and fees for licenses in the state has increased to $133 million. These funds are all accessible by the state, providing money that would otherwise be obsolete. While each Colorado city and town has their own agenda for the profits, they all put the money to great use, funding local roadwork projects, helping homeless individuals, providing student scholarships, and more. The profits the state receives from legal marijuana sales is only expected to continue climbing.
But, there is still more to consider when tallying the total dollar amount that the marijuana industry has created, and the $133 million figure may still be under-reported. Another aspect of the booming marijuana market is the tourist dollars that it brings in to the state each year. While Colorado has always been a popular tourist destination, in the two years that marijuana has been legal, the number of visitors to the state has skyrocketed, helping local hotels and businesses considerably.