The latest sales projections suggest legal marijuana in Colorado could become a billion dollar industry by next fiscal year.
Data extrapolated from a new budget proposal, submitted by the governor’s office on Wednesday, predicts a total of $612.8 million in recreational marijuana sales during FY 2014-2015, which begins in July.
Medical marijuana sales are expected to bring in an additional $344.9 million over the same period.
The new sales estimates, which approach $1 billion in total, are significantly higher than previous forecasts. A fiscal analysis released last year projected recreational marijuana stores to generate $395 million in sales during FY 2014-2015.
According to Gov. John Hickenlooper’s budget director Henry Sobanet, the new figures reflect a better understanding of the industry.