It seems that the public is finally starting to spend less on cigarettes, but there is more than awareness campaigns to credit for the change.
Preferences seem to have changed since Marijuana was legalized last year.
The drug is doing flourishing trade. Latest figures, albeit only from the last seven months, show the Colorado government has become around $70 million richer thanks to exorbitant taxes.
In the meanwhile, alcohol has contributed only $42 million to the tax pool.
If the current trend continues, by the end of the year the government can expect to collect an estimated $125 million.
The new and steady income stream is so lucrative that the authorities have decided to the reward the fledgling industry.
The Marijuana Policy Project’s Director of Communications Mason Tvert said that the $69,898,059 collected from taxes was a sum large enough to warrant a day’s relaxation in.
“Marijuana taxes have been incredibly productive over the past year, so this tax holiday is a much-deserved day off. This will be the one day out of the year when the state won’t generate significant revenue.
Over the other 364 days, it will bring in tens of millions of dollars that will be reinvested in our state,” he commented.
If the latest research is anything to go by, the marijuana business will boom at an unprecedented rate.
A University of Michigan research indicates that daily use of marijuana amongst young people, particularly teens and college students, is on the rise. Smoking and drinking, which were once much favored by this age group, are declining interests.
This is a promising statistic in light of the fact that thousands of people lose their lives to alcohol and cigarettes, while marijuana does not have such a heinous track record.
Many people have decided to take up Cannabis because the social stigma is on its way out; perhaps, the reason why sales have skyrocketed.
This is despite the fact that Marijuana sellers are not allowed to publicly advertise the drug.
President of the Colorado Cannabis Chamber of Commerce said legalizing the drug made people more comfortable.
“They don’t see it as something that’s bad for them,” he added.
However, that does not cover up the fact that this is a goldmine earning opportunity for the government.
