For the fiscal year June 2014 to June 2015, Colorado collected $70 million in new tax revenue that primarily went to schools. Tax revenue is not, however, the only financial benefit to the state. The dramatic decrease in cannabis arrests saved millions in spending, and the lack of arrests contributed to greater involvement in the local workforce. Speaking of employment, legalization also introduced tens of thousands of new jobs, most of which paid more than $17 per hour. Colorado also benefits from a booming cannabis tourism industry that other states are now trying to emulate. The new businesses and jobs further contributed to the economy by increasing overall consumer spending and decreasing the need for unemployment assistance. For Colorado, repealing prohibition meant increased revenue and decreased spending for a much stronger state economy.
Less Spending, More Revenue