Cannabis sales in Colorado have taken the state by storm, bringing in unexpected tax to the state’s coffers.
The crop seems likely to become an annual billion-dollar legal industry by next year.
Sales for recreational use were legal from 1 January of this year. Since then 163 retail shops have been licensed.
Colorado was the first US state to licence and tax cannabis sales, but with the fat revenues pouring in other states are likely to follow. Many eyes are on the state and opinion polls elsewhere show a swing in favour of legislation.
The cost per ounce is now more than the predicted $202. The original estimate of sales worth $395 million for the year has been upgraded to $612 million by the state governor.
An additional $345 million in estimated sales to people with medical conditions could bring the total to almost $1 billion.
Colorado state will see $117.8 million in taxes from recreational sales and another $15.8 million from medical ones.
The first $40 million of tax each year is to be devoted to building schools. Perhaps with a touch of irony, Governor Hickenlooper said some of the rest would go towards efforts to prevent teenagers from using the now legal drug.
Washington state, in the Pacific northwest, will see recreational cannabis shops open in a few months. It predicts that sales will bring in $190 million in tax revenue there over the next four years.
