DENVER — The definition of a cash crop is pretty simple these days: marijuana. From concentrates to CBD-infused lip balm, legal recreational marijuana sales are booming across North America as a wave of new states and Canada recently legalized cannabis.
In Colorado, the state Department of Revenue just announced sales of pot in the state have topped $6 billion since 2014 when adult-use sales began.
According to revenue department spokesperson Shannon Gray, the state is also very close to reaching $1 billion in total tax revenue collected from pot sales. In 2018, Colorado coffers took in over $266 million from legal rec sales - up $19 million from 2017. Already in 2019, the state's taken in $21 million in pot tax revenue.
But the total cash amount Colorado's pulled in so far from legal sales of marijuana? About $927 million since Jan. 1, 2014. The state will reach $1 billion sometime over the summer.
State weed sales are also up year-over-year, the revenue department said. Up to $1.55 billion in 2018 from $1.5 billion the year before.
Wondering where all that revenue is going? The revenue department has a handy flow chart to help you understand. Check it out at this link.
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