Legal marijuana has become a big business for Colorado, with an impact of $2.39 billion in 2015 alone, according to a report released this week.
The cannabis industry is the fastest-growing business sector in the state, funding more than 18,000 direct and secondary full-time jobs in 2015, according to a report from the Marijuana Policy Group, a Denver-based research firm that consults on marijuana policy.
The group anticipates that Colorado’s marijuana industry will surpass tobacco by 2020 as a source of tax revenue.
While the future looks bright for Colorado’s pot industry, there may be a limit on growth that will be tested in the coming years. Cannabis sales are largely driven by buyers shifting from the black market, but the pot industry’s growth will slow down as more states legalize it and illegal sales end, according to the report.
While pot remains illegal federally, it has been legal in Colorado since January 2014.
- TIME's Top 100 Photos of 2021
- Inside Frances Haugen's Decision to Take on Facebook
- Why We Should Stop Freaking Out About Inflation
- Austria's Plan to Make COVID-19 Vaccines Compulsory Is Dividing Citizens — and Experts
- Inside the 80-Year Quest to Name Pearl Harbor's Unknown Victims
- Buying a House Feels Impossible These Days. Here Are 6 Innovative Paths to Homeownership
- 'They're Very Close.' U.S. General Says Iran Is Nearly Able to Build a Nuclear Weapon
- A Charter School's Racial Controversy Reveals the Real Battle For America's Classrooms