Feb 16, 2016 07:19 AM EST
Colorado has become one of the highest gross sellers of legitimate marijuana. The sales have reached a massive amount of approximately $1 billion as per the Colorado's Department of Revenue. To be very exact, the actual sales on record were $996,184,788, as released in final monthly marijuana tax report for 2015.
There are two sets of policies in Colorado related to the use of cannabis, one for recreational and the other for medicinal purposes. An increase of more than 42 percent over the previous year, the Cannabis Business Alliance said in a statement applauding the sales, for contributing $135 million in taxes - $35 million of which is earmarked for the construction of schools, as reported in Huffington Post.
Colorado was the first state to introduce the legal recreational marijuana industry which is regulated and taxed by the state. This industry has put the state in black with tax revenues and fees which led the state in top position with $135 million. The state will utilize the tax profit of about $35 million for construction of schools.
"With greater growth and continuation of operators entering the industry, Cannabis Business Alliance members and Colorado operators have continually set the standard of the maturing industry nationwide, impressively thriving amidst increasing regulation, including stamping, equivalency, and pest management," said Mark Slaugh, CBA Board member and iComply CEO, noted Market Watch.
This industry has not only made the state top ranked in sales of cannabis but also provided employment to the people resulting in the overall growth of the country's economy. Initially marijuana sales were considered as "ILLEGAL" in the country. The major advantage of illegal supply is a tax free income which is directly counted as profit. The demand of cannabis has significantly increased due to illegal nature of product in market.
Since, November 2012 the product has been marked "legal" with regulated tax in the state in order to turn the situation in control and also to use it exactly for the medicinal and recreational purposes.There have been three types of taxes invoked on marijuana including the standard 2.9 percent sales tax, a 15 percent excise tax on wholesale marijuana transfers and a 10 percent special marijuana sales tax according to The Cannabist.
Other states of America including California, Arizona, Rhode Island, Massachusetts, Nevada, Maine and Vermont, are reported to decide on legalizing the use of marijuana this year. Meanwhile, states like will Missouri, Florida, Pennsylvania and Ohio will hit polls for deciding on medicinal usage of marijuana.
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