Colorado’s cannabis industry is enjoying an era of prosperity as people’s attitudes towards marijuana become more relaxed.
News promotion: According to a recent Gallup, 17 states have legalized the sale of recreational marijuana, pots are the most popular to date, and 68% of adults support legalization. Voting..
Get the right market news for your time at Axios Markets. Subscribe for free.
What’s next: Congress Discuss legislation Legalize marijuana.
What they are saying: Nancy Whiteman, CEO of Wanabrand, a Colorado-based marijuana food company, said: It will soon expand to Massachusetts in 12 states.
Important reason: Federal legalization is the final step in efforts to legalize Colorado’s marijuana industry.
Zoom out: As the industry tackled serious challenges, it became widely accepted, from how to build fairness in the business and address the legacy of the drug war, to questions about its health implications and benefits.
Data: Colorado Revenue Service; Chart: Danielle Alberti / Axios
State of play: This challenge does not appear to be slowing marijuana’s cannabis industry in Colorado, which is part of the state’s organization.
The state marijuana tax is the first cannabis governor to declare a clinic an essential business during the blockade of the pandemic.
Total marijuana sales topping It was $ 10 billion in January and has been increasing every year since its inception in 2014.
State marijuana tax revenue Be expected It is expected to reach nearly $ 459 million this year.
Industry growth came when other states opened the door to marijuana. That’s one of the reasons why local leaders don’t worry about competing with broader legalization.
“As other states roll out legalization, it helps to further blame cannabis,” said Lisa Gee of Lightshade, an independent dispensing company with nine locations.
Between the lines: The industry has evolved significantly since voters legalized adult recreational marijuana with Amendment 64 in the 2012 elections.
The original legislation to keep the industry small was relaxed to allow outside investors, public consumption and delivery.
Tax revenues are no longer used solely for education and industry regulation, but help cover the costs of various government programs.
And the traditional form of marijuana, buds, now accounts for less than half of sales after the explosive growth of new products.
Caution: Livwell Enlightened Health debuts First Colorado TV ad For this week’s cannabis company.
“It feels more like an industry like any other,” said Mason Tvert, a longtime advocate of marijuana in Denver.
Yes, butKevin Sabet, president and CEO of SmartApproaches, said the commercialization and growth of the industry was feared by critics when Colorado legalized marijuana. To marijuana, a group critical of marijuana.
Do you like this article? Get more from Axios, Subscribe to Axios Markets for free.