Denver dispensaries sold more than $587 million in marijuana in 2017.
The revenue accumulated amount from all marijuana sales in 2017 reached $44 million, which is a 20 percent increase from 2016.
Denver Mayor Michael B. Hancock, who was previously opposed to Colorado’s marijuana legalization measure in 2012, said legalization has offered the city with jobs and generated tax revenue.
Hancock said in a news release, that he is leading a nationwide partnership with local officials to push the federal government to change its approach on marijuana.
“This new report demonstrates Denver’s coordinated approach between multiple agencies to manage marijuana is working.
“We took on the daunting challenge of becoming the first major city in America to manage legalized recreational marijuana and we are having success.”
The revenue accumulated is currently being used to pay for numerous projects in the city including maintenance, affordable housing, and opioid intervention.
There are now more than 1,100 licensed marijuana businesses in Denver.
The executive director of the Colorado Department of Revenue said that a state-funded report discovered that Colorado’s overall marijuana commercial market is working well.
Change in Sales
Although Denver has a very good marijuana industry, medical marijuana sales have been decreasing.
In statewide marijuana sales, Denver’s portion has been dropping now that other marijuana sales in other cities are rising.
The report stated that dispensaries in Colorado sold more than $1 billion of recreational marijuana products, increasing by 27 percent from 2016.