DENVER, CO — Colorado has surpassed $1 billion in marijuana revenue since recreational sales began in 2014, according to the Colorado Department of Revenue. Marijuana tax, license and fee revenue, which has reached just over $1.02 billion, has contributed to public health, safety and human services programs, the agency said.
There are currently 2,917 licensed marijuana businesses in Colorado and 41,076 people who are licensed to work in the industry.
In a statement, Gov. Jared Polis said Colorado needs to continue its investment in the rapidly-growing industry.
“…Colorado’s cannabis industry is thriving, but we can’t rest on our laurels. We can and we must do better in the face of increased national competition. We want Colorado to be the best state for investment, innovation and development for this growing economic sector,” Polis said in the statement.
“This industry is helping grow our economy by creating jobs and generating valuable revenue that is going towards preventing youth consumption, protecting public health and safety and investing in public school construction.”
The Colorado Department of Human Services uses marijuana revenue funds to support mental health services, crisis services, criminal justice diversion, substance use disorder services and detoxification services. The funds also support youth and family community programs with prevention and intervention services that aim to prevent crime, violence, youth marijuana use, child abuse and neglect.
“We are committed to facilitating responsible innovation within this dynamic industry through continued engagement with our diverse group of stakeholders,” Jim Burack, director of the Colorado Department of Revenue, said in a statement. “Colorado will continue to be known for its regulatory leadership.”
Marijuana tax revenue funds Colorado Department of Education programs such as the Building Excellent Schools Today capital construction assistance fund, the Early Literacy Competitive Grant Program, the School Health Professional Grant Program and the School Bullying Prevention and Education Grant Program.