Denver Mayor Michael B. Hancock introduced Thursday that the town is successfully regulating the authorized marijuana business. In 2012, Hancock had campaigned towards the legalization of leisure hashish in Colorado.
After metropolis officers launched an annual report on the town’s marijuana business, Hancock stated in a press launch that legalization has been profitable in Denver.
“This new report demonstrates Denver’s coordinated approach between multiple agencies to manage marijuana is working,” stated Hancock. “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 mayor credited coordination between Denver’s Excise and Licenses, Denver’s Fire Department, Police Department, Department of Public Health and Environment, Community Planning and Development, companions in different metropolis businesses, the marijuana business group, and public well being advocates for the success.
Sales and Tax Revenue Up, Crime Down
The metropolis’s 2018 Annual Marijuana Report for the interval of January 2017 to January 2018 exhibits a rise in each hashish gross sales and tax income generated by the business. Retail gross sales of leisure pot grew 29 % from 2016, whereas gross sales of medical marijuana dipped three %.
The variety of hashish business enterprise licenses in Denver now stands at greater than 1,100, with these entities working in near 500 places within the metropolis. The report additionally mentions that the primary institution in Denver to supply on-site consumption was licensed by the town in 2018.
The report notes that as extra cities welcome a legalized hashish business, the portion of Colorado’s marijuana gross sales generated by Denver companies is shrinking. In 2014, Denver companies have been answerable for 48.three % of Colorado’s pot gross sales. That determine dropped to 38.7 % for 2017.
Revenues from hashish taxes and licensing charges rose 20 % in 2017 over the earlier yr. The metropolis tasks a further eight % improve in income this yr. Cannabis tax income made up three.four % of Denver’s basic fund in 2017, up from three.02 % in 2016.
As hashish gross sales and tax revenues rose, crime related to marijuana and the hashish business has dropped. Crime associated to marijuana in 2017 accounted for simply zero.three % of all crime within the metropolis, down from zero.42 in 2016. Crime associated to the hashish business was solely zero.21 % of all crime, in comparison with zero.32 % in 2016.
Cannabis Taxes Funding Social Programs
The metropolis’s report additionally included a number of the advantages that Denver is realizing from taxes generated by the hashish business. From 2014 by means of 2018 greater than $11 million of marijuana income shall be granted by Denver’s Offices of Children’s Affairs and Behavioral Health for distribution to youth-serving organizations. Additional funds have been allotted for Denver’s “High Costs” youth prevention marketing campaign.
In 2018, Denver appropriated $12.four million from marijuana-related income so as to add investments for deferred upkeep, reasonably priced housing, and opioid intervention. The metropolis budgeted $eight.eight million in expenditures throughout metropolis departments and businesses for regulation, enforcement, and schooling associated to hashish.
Fourth Year of Legal Sales
2017 was the fourth yr of authorized leisure hashish gross sales in Denver, which started in 2014. Despite opposition from Hancock and others, Colorado voters legalized leisure use and gross sales of hashish within the state with the passage of Amendment 64 in 2012.