From Tom Angell:
While former Colorado Gov. John Hickenlooper (D)–currently a 2020 presidential candidate–has described his state’s earnings from legal marijuana sales as a “drop in the bucket,” current Gov. Jared Polis (D) is taking a different approach.
On Wednesday, his administration issued a report touting the fact that Colorado has so far brought in more than $1 billion in cannabis revenue.
“This industry is helping grow our economy by creating jobs and generating valuable revenue that is going towards preventing youth consumption, protecting public health and safety and investing in public school construction,” Polis said in a press release.
The state’s licensed cannabis retailers have sold more than $6.56 billion worth of marijuana products since legal sales began in 2014, following voters’ approval of a legalization ballot measure in 2012. That activity has generated more than $1.02 billion in taxes and fees for the state.
The ETFMG Alternative Harvest ETF (MJ) was unchanged in after-hours trading Monday. Year-to-date, MJ has declined -3.06%, versus a 8.87% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of Forbes.