Selling of raw marijuana and other marijuana laced products such as edibles is a lucrative business, it is emerging.
While the Kenyan government is still adamant in not legalising bhang and its products in the country, others are busy racking in profits in terms of revenue from the industry.
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In February 2014, which was the first month of sales since legalisation earned the state a revenue of over KSh 300 million. Photo: Meditech.org
Source: UGC
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TUKO.co.ke has learnt Colorado, a US state, generated a whopping KSh 10 billion revenue from the legal marijuana industry.
The staggering amount of revenue generated from the sale of the stimulant and its products marked yet another milestone in the industry after the legalisation of bhang in the state in 2014.
According to monthly data from the Colorado state, marijuana use among adults accelerated, in a move that boosted revenue to over KSh 60 billion as at the end of May 2019.
April and May 2019 were the two best months in the five-year history of the new industry as far as revenue is concerned.
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Colorado generated a whopping KSh 10 billion revenue from the legal marijuana industry. Photo: Smartinvestments
Source: UGC
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February 2014 which was the first month of sales since legalisation earned the state a revenue of over KSh 300 million.
The success was echoed by the State’s governor Jared Polis who said the industry was growing steadily and creating job opportunities and better tax during a recent business event held in Denver on May 1.
“It’s going very well. It is creating tens of thousands of jobs, tax revenue for the state, filling up buildings for landlords and reducing crime. Although I like to tell my peer governors in other states ‘It’s not going well, don’t do it.’ There is obviously more advantage to us when we are all a little bit more special, and obviously more and more states are moving in this direction,” he said.
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