The cannabis industry is growing in Colorado by leaps and bounds. It seems like almost every week there is some new statistic out of Colorado that blows my mind. This last week I read about the City of Aurora in Colorado estimating that the local marijuana industry will double by next year. Per The Cannabist:
Revenue from marijuana sales in Aurora is expected to more than double next year compared to this year, as a handful of pot cultivation facilities and retail shops are slated to open in 2016.
Aurora city officials are forecasting $5.4 million in revenue from recreational marijuana sales for 2016, according to budget officer Greg Hays. That's up from $2.65 million this year and $40,000 in 2014, the first year Aurora allowed pot sales.
"We're brand spanking new into it," said Hays of the city's projection of more than double in revenue from 2015.
Marijuana opponent Kevin Sabet once said that for every tax dollar generated by marijuana legalization, ten dollars in 'social costs' would result. How's that working out Kevin? Can you think of any other industry that could be created out of nowhere that would generate $5.4 million in revenue in one year? Imagine what that will do for the local economy? I hope that happens in Oregon as recreational sales start next month, especially in areas that have been hit hard by bad economic times.