Americans are watching legal weed’s promise go up in smoke
When Colorado became the first state to legalize marijuana for recreational use in 2014, expectations were as high as its users. For decades activists, investors and lobbyists assured Americans that the legalization of marijuana would displace the black market, generate an influx of tax revenue to finance schools and hospitals, halt senseless arrests and improve racial equity, all without attracting the attention of kids. In the run-up to legalization in Colorado, officials projected a $70 million jump in tax revenue from the hundreds of marijuana and THC products in newly minted dispensaries and licensed shops and budgeted accordingly. They learned quickly that the expectations didn’t live up to the reality, bringing in around $44 million in its first full year in operation.