Colorado marijuana sales rose to new heights in 2016, transgressing the$ 1 billion mark for the first time in its history in simply the first 10 months of the year.

Figures released by the Colorado Department of Revenue on Monday show dispensaries in the nation sold $720.7 million of recreational marijuana from January through October, and $371.4 million of medical marijuana for the same time period, for a total of nearly $1.1 billion.

That translates into virtually $150 million in taxes for the national budget, $40 million of which is earmarked for public school construction projects, as required by Amendment 64, which allowed for legal recreational marijuana sales in Colorado beginning in 2014.

The remainder of the excise tax goes to the state’s public school money, while a handful of other marijuana sales tax proceeds are directed to substance abuse treatment and prevention, law enforcement and health care programs.

Gov. John Hickenlooper( D) is hoping to spend some of the funds in 2017 and 2018 on an “aggressive” campaign to help curb homelessness in the state.

“We expend more than twice as much … perpetuating lives of suffering by letting people are living in bridges than we would get them into housing and dedicating them wrap-around services by which I entail, job training at the top of the listing, counseling for cravings and drugs for mental health, ” Hickenlooper told The Denver Post of the initiative late last month.

Industry experts told The Denver Post’s Cannabist blog they’re projecting $1.3 billion in marketings for the year. With that quantity, the total economic impact in the nation for legal marijuana sales would outstrip$ 3 billion.

Read more: www.huffingtonpost.com

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