The cannabis industry has been called the gold rush of the twenty-first century, and rightfully so. Since the industry began, people have been making millions off of it. That has only grown. Recently, Colorado released the amount of money that its cannabis industry generated during the first five months of 2016. It turns out that Colorado’s cannabis sales were already beginning to approach half a billion. This means that Colorado alone is on track to reach $1 billion this year.
According to Colorado Department of Revenue tax data released on Wednesday, during the month of May, Colorado’s recreational cannabis shops and medical marijuana dispensaries accumulated almost $98.6 million in sales. The state’s marijuana industry could even reach a billion dollars in sales by the month of November if the upcoming month’s sales are on track with 2015’s monthly revenue. The May sales, $37.7 million from medical marijuana and $60.85 million from retail, make up the fourth-largest monthly total since Colorado first began selling recreational marijuana in January 2014.
Colorado’s monthly cannabis sales hit a record last month of $117.4 million, which was probably assisted by the famous 4/20 cannabis holiday in April. The sales during the month of May, which consists of flower, edibles, and concentrates, generated a near $14.5 million increase to coffers. Throughout May, taxes and license fees have generated $71.4 million in tax revenue, the data adds. These figures are outstanding for the rapidly growing industry. It is only a hint at the potential revenue a legalized cannabis industry can generate. In more populated states, such as California, there is much more potential for growth, meaning that it could hit multi-billions. In addition, if the entire country were to legalize the drug, then that would likely mean revenues upward of $50 billion.
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