It may be time to buy stock in Cheetos and Soft Drinks.
Marijuana sales in Colorado were reportedly at a record high in January. Throughout those 31 days, the state’s consumers of marijuana spent more than $36 million on the plant, putting the state’s excise tax haul at around $2.35 million. The excise tax is levied on purchases by retailers from marijuana growers. The number stands at 15%.
According to state laws, all of this extra revenue will be used to help fund Colorado’s public school system.
Since the state legalized the drug in January of 2014, recreational sales of marijuana in Colorado have increased tenfold. As more permits are granted, those numbers are expected to continue to climb.
Legalization advocate Mason Tvert stated, “This is really what we expected and hope to see: a shift in the underground market to a regulated market. It’s clearly generating significant revenue for the state. Tax revenue is really a bonus. The real benefit of these laws is that it’s taking marijuana sales out of the underground market and ensuring the product is controlled.”
With the growing urge to decriminalize marijuana, including support from President Barack Obama, the success seen in Colorado is exactly what other states would like to see. In Colorado, public schools are benefiting majorly due to marijuana sales, and the school systems in other states could benefit from the drug in the same way.