The Rocky Mountain State has already brought in over $25 million in revenue since legalizing marijuana on a recreational level for anyone 21 years of age and older. This money is generated through taxes, fees, and licenses. The licensing fees accounted for over $3 million even before Colorado was actually able to sell recreational marijuana prior to January 1.
Beginning at the start of the new year and ending at the end of April, Colorado had already brought in close to $22 million, the majority being from taxes and the remainder coming from license and application fees. The Department of Revenue believes that this number will taper off once the initial boom of new dispensaries and cultivation centers slows down.
Throughout all of this, it’s recreational marijuana’s predecessor, medical marijuana, that is still outselling legal marijuana by a drastic margin. In March alone, medical marijuana sales reached over $34 million, while recreational sales reached just $19 million.
Governor Hickenlooper is predicting a $134 million in combined revenue between medical and recreational marijuana during the 2014-2015 fiscal year.