Colorado Marijuana Industry – Revenue Bigger Than Some Counties BDP
In 2016, the state collected almost $200 million in tax, which show how fast growing this industry is. According to released data, Colorado has managed to score $1.3 billion in medical and recreational marijuana use and generated close to $200 million in tax. But, tax revenue is just a tip of the iceberg and ignited many changes that are yet to come. This has helped the state rebuild its health system and replace the underground market with a tightly regulated and monitored control. The officials took one crucial step in legalizing marijuana, they removed opioid from the streets and gave authority to licensed businesses.
Now marijuana is tested, packed, labeled and only sold to adults who can show the proof of their age. It seems that this system is working correctly. Of course, having extra $200 million in tax revenue is nice, but it can hardly cover the state’s budget. $40 million has been set aside and being awarded for public school construction, and the rest of the money will go for health care, health education, law enforcement and substance abuse prevention and treatment programs.
Marijuana tax revenue won’t cover the state’s budget, but it will include essential programs and services which many people will benefit from. Colorado was one of the first states that legalized marijuana and experts predict we can expect even more significant revenue in the following years. But, there are factors we need to take into consideration. Other countries may decide to follow the same example, which can decrease the state’s profit. Also, the U.S. government previously legalized the use of drugs, then later called it a mistake.
What other countries need to learn is that legalizing drugs shouldn’t be only because of the profit. There are a lot of individuals who are struggling with diseases such as cancer and the only way to relive the pain is using marijuana. If we have a regulated marketplace, then we can acquire drug in more secure ways, and many people can benefit from. Unfortunately, many state officials are still closed on this topic, and we are yet to see what the future will bring. One this is sure, marijuana use can be beneficial and harmful, depending on the purpose. We should explore further its use in medical science and help the patients who are suffering from the most severe illnesses.