Legal Marijuana Creates Boom for Colorado Economy

Written by Grant M. Deltz

Associate Editor – Follow Grant on Twitter @grantdeltz!

The marijuana industry in Colorado has just hit a new milestone: $1 billion in legal sales for the first 10 months of 2016. Attorney Christian Sederberg, who played a big part in getting Amendment 64 passed in Colorado to legalize pot, predicts that sales will reach $1.3 billion by year’s end.

On top of impressive revenues, the industry had created 18,000 full time jobs in 2015 and is on pace to have another impressive showing in 2016.

From 2015 to 2016 there has been a 53% increase in retail sales and a 9% increase in medical sales.

So far, the state has also collected $49.7 million from taxes, of which the first $40 million will be going to school construction projects. Any extra tax money will go towards their public school fund.

Cash crop?