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Colorado has worked out the kinks and is now seeing green from cannabis, while other states continue to lag with sales.

Colorado is lush with green, announcing recently that cannabis sales have brought the state more than US$1 billion since it legalized adult-use cannabis five years ago.

It took the state three and a half years to reach the half-billion-dollar mark. However, it took  less than two years to double that amount, notes a joint press release from Colorado’s Department of Revenue and Department of Public Health & Environment.

 Currently, the statement notes, Colorado has 2,917 licensed cannabis businesses and employs 41,076 individuals. Cannabis sales since 2014 have exceeded US$6.56 billion, with US$1.02 billion going to the state as a result of marijuana tax, licence along with fee revenue.

In addition to growing the economy and job creation, Colorado Governor Jared Polis believes the state is uniquely positioned to be a national leader in the cannabis industry. 

“Today’s report continues to show that Colorado’s cannabis industry is thriving, but we can’t rest on our laurels,” Polis notes in the statement. “We can and we must do better in the face of increased national competition. We want Colorado to be the best state for investment, innovation and development for this growing economic sector,” he adds.

The firm co-drafted Amendment 64, which preceded the legalization of cannabis sales in 2014, notes a press release from the firm. “Funds are being used on everything from building schools to hiring school health professionals and paying for bullying prevention programs,” notes Brian Vicente founding partner of Vicente Sederberg and a lead co-author of the amendment.

Beyond enforcement and regulation costs, Colorado also uses revenue for building schools, education programs, community behavioural health programs, mental health and crisis services, substance abuse prevention and at-risk youth services, the state press release reports.

Source: https://www.thegrowthop.com/cannabis-news/cannabis-world-news/colorado-seeing-green-on-top-of-green-as-cannabis-take-for-state-hits-us1-billion

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