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| Colorado weed sales top $100mn for 12th consecutive month | |
| (about 1 hour later) | |
| Legal marijuana is big business in Colorado. May marked the 12th consecutive month weed sales exceeded $100 million with tens of millions in tax revenue going to fix many of the state's crumbling schools. | Legal marijuana is big business in Colorado. May marked the 12th consecutive month weed sales exceeded $100 million with tens of millions in tax revenue going to fix many of the state's crumbling schools. |
| The total haul from marijuana sales over the last 12 months for the Centennial State now stands at $1.4 billion, bringing in almost $223 million in tax revenue. | The total haul from marijuana sales over the last 12 months for the Centennial State now stands at $1.4 billion, bringing in almost $223 million in tax revenue. |
| Sales for the first five months of 2017 alone were roughly $620 million, generating $96 million in tax, which is an increase of around 27 per cent on the same period last year, according to figures from Colorado’s Department of Revenue. | Sales for the first five months of 2017 alone were roughly $620 million, generating $96 million in tax, which is an increase of around 27 per cent on the same period last year, according to figures from Colorado’s Department of Revenue. |
| Those figures combine both recreational sales and sales for medicinal purposes, though the former has consistently generated two-thirds of the income. | Those figures combine both recreational sales and sales for medicinal purposes, though the former has consistently generated two-thirds of the income. |
| Bethany Gomez, director of cannabis market research firm Brightfield Group, told the ‘Cannabist' that he believes the $100 million monthly sales total is “the new norm” for Colorado's weed industry. | Bethany Gomez, director of cannabis market research firm Brightfield Group, told the ‘Cannabist' that he believes the $100 million monthly sales total is “the new norm” for Colorado's weed industry. |
| It seems this ‘new norm’ is good for the state's crumbling school system, with tens of millions of dollars going to fix schools in particularly bad shape. | It seems this ‘new norm’ is good for the state's crumbling school system, with tens of millions of dollars going to fix schools in particularly bad shape. |
| Each year, Colorado allocates $40 million of tax collected directly from the sale of marijuana to a program called Building Excellent Schools Today (BEST). The money goes to either building new schools or improving those in states of disrepair, according to The Denver Post. | Each year, Colorado allocates $40 million of tax collected directly from the sale of marijuana to a program called Building Excellent Schools Today (BEST). The money goes to either building new schools or improving those in states of disrepair, according to The Denver Post. |
| While some may disagree with marijuana legalization, so far no-one has refused the cash. | While some may disagree with marijuana legalization, so far no-one has refused the cash. |
| “So far, we’ve not heard from any school districts who say, ‘No, we are not going to use that money’,” Colorado Department of Education official Jay Hoskinson told the Denver Post. | “So far, we’ve not heard from any school districts who say, ‘No, we are not going to use that money’,” Colorado Department of Education official Jay Hoskinson told the Denver Post. |
| School district official Hayley Whitehead echoed these sentiments. “I don’t care where the money comes from. If we get a new school, I’m for it,” Whitehead said. “I see the invoices and see what we need for repairs, so I have a pretty good idea of the situation here.” | School district official Hayley Whitehead echoed these sentiments. “I don’t care where the money comes from. If we get a new school, I’m for it,” Whitehead said. “I see the invoices and see what we need for repairs, so I have a pretty good idea of the situation here.” |
| Additional funds from the Marijuana Tax Cash Fund are largely allocated to areas such as healthcare, education, drug treatment and prevention and local government. | Additional funds from the Marijuana Tax Cash Fund are largely allocated to areas such as healthcare, education, drug treatment and prevention and local government. |