September 24, 2015 – Sales of marijuana in Colorado brought in $70 million against $42 million in state taxes in fiscal 2014-2015.
Jim Smith of Republic National Distributing Co. in Colorado told the 24th Wine Industry Financial Symposium earlier this week that the legalization of recreational cannabis put a dent in alcohol beverage sales initially but it also increased tourism and migration of young people making up for the loss.
The tax revenue is earmarked for schools and medical research but in actuality, about half is spent on enforcement of the product’s regulations.
Four states and D.C. allow the sale of marijuana with 12 other states considering it. When they see the tax revenue haul, you can bet legislators will start pushing for it. You can also bet that alcohol distributors see an opportunity to expand their business.
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