Legal Marijuana sales crosses $ 1 billion mark in Colorado

Posted by Sagar Satapathy on December 16, 2016.

Marijuana shops in Colorado have reached a massive new milestone: $1 billion in legal, regulated marijuana sales in the first 10 months of 2016. And, the marijuana sale is still growing.

The Colorado Department of Revenue on Monday released the figures of marijuana sales, which states that dispensaries in the state sold $720.7 million of recreational marijuana from January to October, while medical marijuana are being sold of  $371.4 million during the same time period, for a total of over $1 billion. The sales hit an all-time high in September 2016, generating $127.8 million.

In Colorado, the sale of recreational as well as medical marijuana and related products in the first 10 months in 2016 has already surpassed last year’s total of $996,184,788.

Attorney Christian Sederberg, partner at Vicente Sederberg, played an important role in Colorado’s Amendment 64, which legalized marijuana in the state. He is estimating that sales of marijuana will reach $1.3 billion by the end of this year, which could have a total economic impact of over $3 billion with skyrocketing tax revenues for the state.

“We think we’ll see $1.3 billion in sales revenue this year,” said Sederberg, “and the economic impact of this industry will be $3 billion for 2016.” He also said, “This milestone continues to show that the marijuana industry in Colorado is an engine of growth for the economy, a job creator, and one of the biggest industries in the state.”

Voters legalized marijuana in Colorado back in 2012, but the dispensaries didn’t open until 2014. The marijuana industry created 18,000 full-time jobs and generated $2.39 billion in economic activity in the state in 2015.

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