The legal cannabis industry in Colorado still moves forward displaying amazing growth every month this year. Colorado raked in $700 million from legal cannabis sales during 2014. Those numbers, however, will be nothing in contrast to what Colorado pulls in for this current year.
During the month of April, the Colorado Department of Revenue documented that Colorado generate more than $10.6 million in tax money from the sale of cannabis. In the midst of that period this past year, the state generated an estimated $4.1 million in tax revenue. This represents the highest monthly increase since January 2015.
The growth during April is much more crucial because the January 2015 comparison was determined by the first month of legal cannabis in Colorado. Back in January 2014, there were only 30-40 recreational marijuana shops open for business in Colorado. In December 2014, there were more than 300 recreational cannabis shops.
Throughout the first four months of 2015, Colorado pulled in almost $40 million in tax money from sales and taxes in correlation with recreational and medical cannabis. During the same time this past year, Colorado came away with $16.7 million in tax dollars. This is a representation of a spike of 129%
The Colorado marijuana industry is still very young. The industry is in the stage of building a strong foundation for future exponential growth. Analyst expects these numbers to reach higher year after year as the market develops and new businesses open.
The marijuana industry is just getting its feet wet in Colorado and people believe that Colorado’s recently proposed tax cut will lure in new market participants.
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