Colorado broke weed profit records in January. According to The Cannabist, $36.4 million worth of marijuana was sold in 2015’s first month, as compared to $14.69 million sold in January last year. Numbers also show that school designated pot funds are ten times more than they were last year, the first in which the state taxed marijuana sales.
The school tax rose by about 21% from $1.97 million to $2.35 million between last year and this year. Colorado received around $44 million in revenue from voter approved marijuana taxes and that was below the $70 million that was expected in the year 2014.
“This is really what we expected and hope to see: a shift in the underground market to a regulated market,” Mason Tvert, a legalization advocate said. “It’s clearly generating significant revenue for the state.”
Since many shops opened last year, the numbers don’t necessarily reflect just an increase in buyer interest of legal marijuana, but also an increase in sellers.
Since recreational pot has been legalized, the state has sold over $700 million dollars worth of marijuana. This evens out with $385.9 million being for medicinal pot and $313.2 million being for recreational pot. Even with fluctuating sales, marijuana tax is certainly providing a boost to the state and the public services that operate within it.