Colorado Retail Cannabis Has Generated More Than $15 Million for SchoolsLisa RoughMarch 18, 2015
According to data released by the Colorado Department of Education, Colorado has already generated more than $15 million in tax revenue solely for public schools since legal recreational cannabis sales began on January 1, 2014. Approximately $15.6 million has been raised for the Building Excellent Schools Today (BEST) grant program, from the voter-approved 15% tax excise on all retail marijuana sales.
The BEST grant program takes funds accumulated from various tax revenues and distributes accordingly to different school districts, charter schools, and boards of cooperative educational services. It will also go towards the construction of new schools, as well as renovation projects.
Since Colorado’s retail marijuana market has already been breaking records for tax revenue (for the month of January alone), 2015 could prove to the world that cannabis revenues are providing incredible opportunities for students through educational funding. What a beautiful success story — here's hoping it piques other states' interest as to the benefits of legalizing recreational cannabis.