Data was released this week for marijuana sales numbers in Colorado from the month of April. As expected, sales increased in the month of April over previous months. The increase is likely due to the fact that April 20th saw an enormous influx of recreational consumers to Colorado for the marijuana holiday, and dispensaries sold more medical marijuana for the holiday as well.
In April, Colorado medical marijuana dispensaries sold roughly $32 million worth of medical marijuana. Revenue from recreational sales was roughly $22 million, which is a 17% increase from March. Roughly $14 million was brought in during February and January for recreational sales. This is great news for the State of Colorado. So far, Colorado has generated almost $18 million dollars in taxes and fees from marijuana since January.
Is there any state in America that doesn’t need $18 million dollars in revenue right now? Keep in mind, that’s only for four months. If current trends persist, the next four months would see even more revenue generated for the state of Colorado. How much tax revenue will be generated from medical and recreational marijuana sales by the end of the year? I don’t think anyone truly knows. Every projection I have seen has been shattered so far this year.
Hopefully Washington State sees similar recreational sales numbers if/when sales begin next month. I’m hopeful that other states see what’s going on in Colorado and reconsider their support of marijuana prohibition. Despite claims by people like Kevin ‘Reefer Madness’ Sabet, the social costs associated with marijuana legalization are nowhere near the benefits associated with reform. It’s time every state got on board with legalization, and reaped the benefits of the next great American industry.