In Colorado, cannabis is generating more revenue for the state than either alcohol or tobacco. Surprised?
According to recently released figures, the Colorado Department of Revenue just generated around $70 million in taxes relating to marijuana, compared to less than $42 million for alcohol taxes, over the course of a year.
This upcoming Wednesday, Sept. 23, Colorado is declaring a marijuana tax holiday, meaning that for a single day, taxes on marijuana items will be suspended.
Part of the reason why marijuana has completely outpaced alcohol in bringing in revenue is that marijuana users spend much more on the drug than Americans spend on alcohol or tobacco. According to new market research from Marijuana Business Daily, the average amount spent on marijuana in states where the drug is legal is $1,800 per year. Alcohol spending is pegged at only $450 and tobacco at $315, representing a major gap. Americans on average only spend about $602 on personal care products and services, almost 1/3 of what’s spent on marijuana.
The majority of cannabis users use the drug daily. A total of 82% of medical users partake daily, compared to 57% of recreational users. [editor’s emphasis]
An interesting new chapter in the story. Find the complete original post HERE.
[Image via: Google images “cannabis in Colorado”]
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