The following content is sponsored by Tenacious Labs.
Spotlight on Colorado’s Cannabis Market
In 2014, Colorado made history by being the first state to have the sale of legal recreational cannabis take place. Once considered unchartered territory, the state has since established itself as a mature and prospering legal market.
And as various governments explore the possibilities around cannabis legalization, policymakers likely consider Colorado’s journey as one to potentially emulate in order to reach some of the same longer-term outcomes that have materialized.
The following sponsored graphic from Tenacious Labs provides a spotlight analysis of the Colorado cannabis market, and looks at defining trends and key developments that have occurred during the last eight years.
Zooming in on Sales and Tax Revenue
From a fiscal perspective, cannabis legalization has been a hit for the state of Colorado. Since it started in 2014, Colorado has generated over $2 billion in tax and fee revenue from the legal cannabis space.
Here’s a look at the growing tax revenues, which started from a modest $46 million and have surged nearly 10x.
|Year||Tax Revenue Generated ($M)|
Moreover, cannabis sales are still increasing. The year 2021 was a record year which generated $2.2 billion in revenue.
Given the rise in debts most governments have incurred in response to the COVID-19 pandemic, new sources of revenue and taxation, and rising ones at that, are attractive and may act (Read more...)