14 DAY TRIAL // Advocates for the legalization of weed said it would create great value for the local economy, while anti-legalization groups thought it would increase violent crime and raise health costs, but three months after Colorado legalized recreational marijuana, the figures released by the government are encouraging, showing that recreational marijuana market continued its upward trend in March.
According to sales tax reports issued by the state government, pot sales are booming in Colorado. The state's Department of Revenue says marijuana sales jumped by nearly a third in March, with pot retailers selling almost $19 million (€13,9 million) in recreational weed during the month, up from $14 million (€10,2 million) in February.
In the first three months since starting to legally retail recreational drugs, Colorado has earned $7.3 million (€5.3 million) in taxes from it, and the figure does not include medical marijuana sales taxes or licenses.
The Mind Unleashed says that if sales continue at this pace, Colorado will make $30 million (€22 million) this year in pot taxes alone.
However, the March pot tax report also highlights that the sales of medical pot in Colorado still outpace the sales of recreational pot, as total medical marijuana sales for March were about $34.5 million (€25,3 million). But the difference is made by the fact that recreational pot taxes are much higher, so recreational weed brings in more tax revenue for the state.
The state's law says that residents over the age of 21 are allowed to buy up to an ounce (28 grams) of marijuana at a single purchase if for recreational purposes, while non-residents are able to purchase only up to a quarter ounce (7 grams).
Many have said that there would be an increase in violent crime in the state as a result of the legalization of weed, but their grim prediction did not prove true, as while the sales go up, the crime goes down. Crime rates in Colorado have dropped by 10.6%, officials say.
A report published in April by Natural Society states that all kinds of crime have decreased since January. Property crime is down 14.6%, while violent crime is down 2.4%, it has been revealed.
So, you may now wonder how the state will spend the money from legal cannabis sales. The same article by The Mind Unleashed says that $1.9 million (€1,4 million) of the money is going to the government and building schools in Colorado. Moreover, a great chunk of the marijuana taxes will go on school nurses and public education on marijuana.