July 1st 2014 marked the 6 month anniversary of the launch of Colorado’s great social experiment – the legalization and regulation of marijuana for all adults age 21 and over. News coverage of the state’s highly scrutinized, yet burgeoning retail cannabis industry has been lukewarm, but a review of the last six months shows that (although inconclusive in its early stages) this policy has not only failed to cause the reefer madness social breakdown predicted by prohibitionists, it appears that this new industry is starting to positively impact the state and its communities.
Colorado is projected to save tens of millions of dollars in law enforcement expenses this year. Job opportunities continue to open up and revenue is expected grow at an unprecedented rate – a significant portion of which has already been allocated to public schools and education programs.
Below are five positive social and economic developments that can be attributed to Colorado’s 6-month old retail cannabis market:
- $69,527,760 in retail marijuana pot sales.
-10,000 people working in the marijuana industry(1,000-2,000 gaining employment in last few months)
- 5.2% decrease in violent crime in the city of Denver.
- No Colorado stores found selling to minors.
- $10.8 million in tax revenue (not including licensing fees)
All in all, these first few months have shown in practice that the benefits of legalization significantly outweigh those of prohibition, both morally and economically. One can’t deny that there will be bumps in the road. As this new market continues to evolve we should be prepared for the emergence of new, unanticipated issues. However, one can be comforted in the fact that any rising concerns are being addressed and rectified in a responsible and expeditious manner – both on the part of lawmakers and industry leaders. As Colorado moves forward, and more states begin to implement similar policies, the politicians and the population will see that this is the right policy for our children, our economy and our society.