It's now been six months since Colorado enacted its historic marijuana legalization policy, and two big things have already happened:
1. Colorado's cash crop is turning out to be even more profitable than the state could have hoped.
Image credit: Tri Vo
In March alone, taxed and legal recreational marijuana sales generated nearly $19 million, up from $14 million in February. The state has garnered more than $10 million in taxes from retail sales in the first four months — money that will go to public schools and infrastructure, as well as for youth educational campaigns about substance use.
According to his latest budget proposal, Gov. John Hickenlooper expects a healthy $1 billion in marijuana sales over the next fiscal year. That's nearly $134 million in tax revenue. Sales from recreational shops are expected to hit $600 million, which is a more than 50% increase over what was originally expected.
2. Denver crime rates have suddenly fallen.
Image credit: Tri Vo
Marijuana-related arrests, which make up 50% of all drug-related crimes, have plummeted in Colorado, freeing up law enforcement to focus on other criminal activity. By removing marijuana penalties, the state saved somewhere between $12 million and $40 million in 2012, according to the Colorado Center on Law and Policy.
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