legalized marijuana: 9 charts you need to see
DESCRIPTION
If you're curious about whether more states will legalize marijuana, these nine charts make a strong case that they will.TRANSCRIPT
Legal Marijuana: 9 Charts You Need to See…
On January 1, 2014, Colorado became the first state to legalize the sale and
possession of marijuana for recreational use…
One of the main arguments in favor of doing so was that it would “bolster
Colorado’s economy with significant tax revenue and job creation…”
Whether you agree or disagree with the move, we now know that it has…
On February 18, 2014, Colorado Governor John Hickenlooper
submitted his official budget request for the upcoming fiscal year beginning
July 1, 2015…
Among other things, his request revealed that tax revenues from marijuana sales are exploding…
In fiscal year 2013, which ends on June 30th, Colorado will earn an estimated $51 million in tax revenue from the sale of marijuana.
In fiscal year 2014, the first full year of recreational sales, the figures is expected to increase to $134 million.
FY 2013 FY 2014
$51 Million
$134 Million
+ 163
%
Question: What caused revenue projections to skyrocket?Answer: The addition of recreational sales beginning January 1, 2014. FY 2014 Tax Revenues
w/out Recreational SalesFY 2014 Tax Revenues w/
Recreational Sales
0
20
40
60
80
100
120
140
$16 Million
$134 Million
You can see why this is when you look at the breakdown in tax revenue from medical and recreational sales.
Portion of tax revenues from medical marijuana sales: 12%
Portion of tax revenues from recreational marijuana sales: 88%
Medical Sales $15,796,489
12%
Recreational Sales $117,847,657
88%
Medical Marijuana Sales
Recreational Marijuana Sales
Where exactly is the revenue coming from?
Sales
Tax63%
Fees
36%
Other1%
Sales
Tax59%
Ex-cise Tax39%
Fees & Other
2%
What is Colorado going to do with all its newfound riches???
$40 million will go towards building and improving public schools…
Build
Schools$40 mil-lion
$45 million will be spent on programs to prevent and deter marijuana use by children…
Youth
Drug Prevention
$45 million
$42 million will be used to treat substance abuse…
Sub-stance
Abuse
Treatmen
t$42 mil-lion
$12 million will fund regulatory oversight of the marijuana industry…
Regulatory Oversight$12 million
And $12 million will go toward law enforcement and other areas…
Other$12 million
So, is it worth it?
That remains to be seen.
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