Colorado Legalization Draws Immigrants, Patients & Tourists
March 31st, 2014
Policy, Top News
Colorado became the first state in the United States to legalize recreational marijuana on January 1, 2014. During the first month, the state government realized $2.1 million in tax revenue on $14 million in product sales. The Denver Post is reporting that tax revenue may be so far above expectations that they may have to give some of its back since there are no plans to spend it in the budget.
These tax revenues are being at least partially driven by a combination of immigrants, patients and tourists. According to Priceline.com, Denver has become the third most popular Spring Break destination after Las Vegas and New Orleans for people booking with .edu e-mail addresses. Applications to the University of Colorado have also increased 30% as students flock to the state.
Aside from recreational users, some reports show upwards of 300 families that have moved to Colorado in order to access CBD oil for their epileptic children. Other patient families that have moved include those suffering from PTSD and other conditions that aren’t covered by most states’ medical laws. These patients now have access to legal marijuana without the need for a doctor’s prescription.
The real tests for just how many people are traveling to Colorado for its cannabis laws will be April 20th (4/20). The day – also Easter Sunday – tends to be a very slow day for hotels. If Denver hotels manage to sell out, then there’s a strong indication that something bigger is happening. And with more tax revenue than the government can handle, that could be a good thing for the state’s citizens.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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