Latest news in Cannabis.

Report Shows Colorado Cannabis Sector Outperforms All Others in the State

Report Shows Colorado Cannabis Sector Outperforms All Others in the State 
#CannabisNews

  • In the terms, the cannabis industry outperforms all private industries in Colorado.
  • The high tax rate on Colorado cannabis isn’t deterring people from enjoying the plant.
  • According to the report, each dollar spent on retail cannabis generates $2.40 in state output, followed by cannabis manufacturing at $2.34.
  • The cannabis industry is growing at 42 percent, a faster pace than any other industry
  • Legal cannabis in Colorado is generating more combined economic activity than any other industry, according to a report from the Marijuana Policy Group .

Legal cannabis in Colorado is generating more combined economic activity than any other industry, according to a report from the Marijuana Policy Group.

@MarijuanatimesX: Report Shows Colorado Cannabis Sector Outperforms All Others in the State
#CannabisNews

Legal cannabis in Colorado is generating more combined economic activity than any other industry, according to a report from the Marijuana Policy Group . In the report, the research group uses a new “Marijuana Impact Model” by which to measure the economic impact that legalization has brought to the state. The group says the new impact model “accurately characterizes how the legal marijuana industry impacts the overall state economy.”

The report starts by covering what we already know. Legal cannabis-related commerce generated $2.39 billion in 2015 and close to $1 billion in sales. The sales from 2015 increased by 42.4 percent from 2014. A remarkable 112 metric tons of buds and 132 metric tons of flower-equivalent products — like edibles and concentrates — were sold in 2015.

Legal Colorado cannabis now ranks number six as far as product sales.  Cigarette sales are a close number five. Even in a state with an incredible venue like the Red Rocks Amphitheatre, legal cannabis beats all performing arts and sports venues. The cannabis sector also bests all non-grain crop farming.

While these numbers are greatly encouraging, the real positive economic impact is seen in terms of “output and employment per dollar spent”. In these terms, the cannabis industry outperforms all private industries in Colorado. According to the report, each dollar spent on retail cannabis generates $2.40 in state output, followed by cannabis manufacturing at $2.34. Cannabis cultivation brings in $2.13 for each dollar spent. If we combine the three, cannabis is generating far more than any other entity.

The legal Colorado cannabis industry is benefiting from the fact that they operate almost entirely in state. Once legalization takes hold in other states, this could change for Colorado. For now though, business is booming.

Some other impressive numbers from the report:

The high tax rate on Colorado cannabis certainly isn’t deterring people from enjoying the plant. The report noted that much of the cannabis revenue came from visitors on weed vacations, pointing to the fact that marijuana tourism is seeing a big rise as well.

This report is yet another piece of evidence that there is seemingly no ceiling when it comes to the growth potential of all things legal cannabis. Despite all of the risks involved and hoops to jump through, the American green rush continues in full effect – with no particular end in sight.

Report Shows Colorado Cannabis Sector Outperforms All Others in the State

Comments are closed, but trackbacks and pingbacks are open.

Subscribe To Personalized Notifications

You are subscribing to jobs matching your current search criteria.

Email Notifications

Email notifications will be sent to you Subscribe

 

Custom RSS Feed

Your personalized RSS Feed is below, copy the address to your RSS reader. Subscribe