The state of Colorado has been on the forefront of the legalization of marijuana for years, and now the government is reaping the benefits of what they have sown. For the first time in American history, a state has surpassed $1 billion dollars in revenue from the sale of medical and recreational marijuana. The Colorado Board of Revenue claims that $1,092,159,291 of pot was sold in their state ($720,731,127 for recreational, $371,428,164 for medical).
And you know what gets their state government so excited? It’s that the taxes from that revenue are equal to almost $50 million. Per Colorado law, the first $40 million made from the taxation of marijuana goes towards school construction projects, and the money made afterward goes towards the state’s public school fund.
Sadly, the cost of building a single school can exceed $40 million per school, but the upside is that this is supposedly “free” money coming into the state that would have been lost. There’s still government money being spent on schools that doesn’t come from the taxation of marijuana.
For the budget year of 2016-2017, the state plans on spending $6.3 billion on public schools.