Colorado Cannabis Revenues on the Rise as Crime Falls
May 13th, 2014
Policy, Top News
Colorado’s recreational cannabis experiment recently celebrated its 3-month anniversary at the end of March and the benefits continue to impress. According to state tax reports issued on May 8th, the state brought in $19 million in tax revenue in March, which is up almost a third from February. Meanwhile, property crime fell 14.6% and violent crimes fell 2.4% following legalization in Denver.
Retail marijuana tax revenue jumped from $1.4 million in January to $1.9 million in March, while medical marijuana taxes and dispensary fees made up the rest of the $19 million total collected in March. In May, lawmakers moved to spend about $33 million of the aggregate proceeds for cannabis taxes on school nurses, public education, bolstering the police force, and other public goods and services.
In addition to the financial benefits, Denver saw a drop in both property crime and violent crime as the price of black market cannabis has fallen swiftly and marijuana crimes no longer require prosecution. According to a recent PLOS One study, legalizing medical marijuana does not result in more violent crime and may actually be correlated with a reduction in homicide and assault rates.
Washington State is poised to follow in Colorado’s footsteps with recreational legalization. By many estimates, the state expects to begin recreational sales during the second half of the year after recently completing a lottery that doled out licenses to qualified dispensaries. Many experts will be closely watching the process to gauge which state has the most effective cannabis laws in place.
Other states are also moving forward with medical marijuana legalization efforts that could further expand the industry’s footprint. As of May 8th, seven states have pending legislation or ballot measures to legalize medical marijuana, including Florida, Minnesota, Missouri, New York, Ohio, and Pennsylvania. These efforts have been bolstered by the increasing medical acceptance of cannabis and CBDs.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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