Legal marijuana businesses in Colorado made more than a billion dollars in sales during the first 10 months of 2016, exceeding sales numbers from last year.
The Cannabist reports:
Recreational and medical cannabis shops in America’s first 420-legal state have sold nearly $1.1 billion of marijuana and related products in 2016, according to the new October data from the state’s Department of Revenue.
When 2015’s year-end marijuana tax data was finally released in February, Cannabist calculations showed $996,184,788 in sales at Colorado marijuana shops that year — spurring a leading industry attorney to tell us at the time, “I think it’s ethical to round that up to a billion.”
That same lawyer, Vicente Sederberg partner Christian Sederberg, celebrated the billion-dollar news on Monday by also pointing to the Colorado cannabis industry’s increasing economic impact and skyrocketing tax revenues for the state as well as numerous cities and counties throughout Colorado.
“We think we’ll see $1.3 billion in sales revenue this year,” said Sederberg, “and so the economic impact of this industry — if we’re using the same multiplier from the Marijuana Policy Group’s recent report, which is totally reasonable — it suddenly eclipses a $3 billion economic impact for 2016.”
In addition to creating economic benefits, including state and local tax revenue and thousands of jobs, this legal market is on pace to continue stripping billions of dollars a year from the criminal market.