Colorado’s educational institutions are facing a significant funding shortfall this year, largely attributed to a drop in revenue from the marijuana industry, reports KDVR. In previous years, these schools benefited from a substantial portion of the program’s budget, with almost 30% derived from cannabis-related tax revenue, typically totaling at least $40 million annually.
However, the marijuana industry in Colorado struggled throughout 2022 and the first part of 2023, witnessing an 11.7% decrease in recreational sales and a 22.8% decline in medical sales. This slump in the cannabis sector has led to a 16.8% reduction in state tax revenue since August, impacting various programs, including education, mental health, substance abuse treatment, and public safety.
In the 2021-2022 fiscal year, educational services received nearly $98 million from cannabis tax revenue, but this year, the figure plummeted to just $56 million. Experts suggest that stringent marijuana policies in Colorado have contributed to declining sales, emphasizing the need for policy changes to balance public safety concerns with the economic contributions of the cannabis industry.
Cannaconvo with Peter Su of Green Check Verified
Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.
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