Colorado has been known to be one of the few states in the U.S. that have legalized marijuana use. But the recent decision has shown to be much more beneficial than most would deem.
Colorado is actually earning a lot of money thanks to tax revenues from marijuana. In fact, marijuana tax revenues last year totaled $44 million for legal marijuana in the state.
However, the number falls short of the initial projection made by experts, a reported $70 million anticipation. But in the midst of the 2015 year, Colorado's marijuana tax revenues seems to be doubling that amount.
"You can't show up to a dinner party with a few joints yet, like you would a bottle of wine," joked Colorado Harvey Company CEO Tim Cullen. "But we're not far from it."
More and more people are being open to the acceptance of weed. Many people working in the industry say that the large sales in legal marijuana are greatly attributed to "social acceptance."
In addition, Colorado Cannabis Chamber of Commerce president Tyler Henson says: "I attribute it to [...] more and more people [...] comfortable with the legalization of marijuana. [...] They don't see it as something that's bad for them."
The Guardian reports that the first seven months of 2015 have already raked up $73.5 million dollars. If the demand and consumption for weed steadily continues, Colorado might just garner $125 million in tax revenues for marijuana.
Early sales were affected by the "relative scarcity of dispensaries selling recreational marijuana." Back in January 2014, only stores with medical marijuana licenses were allowed to sell the drug for recreational purposes.
Because of this, only a small number of areas around the state were offering recreational marijuana during the start of 2014.
Tyler Henson also shares: "Ask any business owner now how hard it is getting your business approved and getting your license. [...] We had a lot of new businesses and people getting on the market, but unfortunately weren't able to come online right away."
