The legal weed business is booming in Colorado, and the state has finalized plans to spend its pot tax windfall on health programs in public schools, housing for at-risk populations, and a new treatment program to combat the opioid crisis.
Gov. John Hickenlooper on Friday signed a budget bill that dictates how money from the state’s “Marijuana Tax Cash Fund” will be spent. Colorado netted more than $105 million from marijuana taxes for the 2016-17 fiscal year, with much of that money going toward schools, public health, and oversight of the industry, which remains illegal under federal law.
Despite concerns that the Trump administration could intervene and shut down recreational marijuana markets in Colorado and six other states (plus Washington, D.C.), the state is on pace to set new sales records. Marijuana sales were up 30 percent in the first few months of 2017 in Colorado compared to the same period last year, with state stores selling a whopping $235 million worth of weed. [Read more at VICE]