Colorado and Washington are just among the states who have voted for the legalization of marijuana. Contrary to what people believe that the legalization may lead to events of anarchy and possible chaos on streets, passing the measures for recreational and medicinal uses to a Schedule 1 drug as classified by the federal level have even brought positive aftermath to their economies.
Today, we can count 28 states including the District of Columbia as having legalized the drug for medical purposes. Additionally, since November 2016 eight states (Maine, Massachusetts, Colorado, Nevada, California Washington, Oregon, and Alaska) have legalized the sale of recreational marijuana. The aftermath yields in billions of tax revenues from the cultivation and sale of cannabis and cannabis-derived products.
The states have seen a major economic boon, and not the bust as many may have predicted, because of the legalization. The new measure has already delivered something inconceivable to the normal population but fiscally viable as expected when the states raked in over a billion dollars (or could even be more) in tax revenues combined. Legalizing pot could save up to $14 billion a year as predicted by the economists. And the figure could even be in a rising vertical as other products could be developed from the plant other than the strains.
In the state where cultivation of cannabis has been initiated, Colorado’s marijuana sales raked in a whooping $996 million in 2015. That figure was up 42% from the $699 million in legal marijuana sales registered in 2014. Of this $996 million, $587.8 million came from the sale of recreational substance including strains. That’s a huge jump in sales from two years prior, which of course, had zero revenues from this industry.
Colorado also wound up netting $135 million in tax and licensing revenue from the sale of marijuana. That figure could have not been possible if the cannabis plant legalization measure has not been passed.
Definitely, America’s economy could use some help from cannabis industry. The economic benefits of legalizing cannabis in federal level would be felt across the entire United States.
Citing the benefits the tax revenue has conveyed in the state of Colorado, legalizing marijuana could benefit all levels of government.
Well, we know Colorado’s take was outstanding, but how are the other already-legalized-and-selling-cannabis states doing?
There are two states that are hot on the Colorado trail and these are: Oregon and Washington.
Oregon cannabis revenue has exceeded expectations and is more than $50 million so far in 2016. The initial projection was $17 million per year, so that’s been blown completely out of the water…even the highest estimate by the Oregon State Legislative Revenue Office was $10 million lower than what the state has actually brought in. The real number is $54,506,832 as of November 30, 2016.
Washington state’s sales, meanwhile, appear to be about half of what Colorado’s were; they’ve sold more than $1 billion since they legalized recreational cannabis in 2014 – which is a sound fiscal aftermath after years of having marijuana banned in the state.