Study: Marijuana has $2.4 billion economic impact on state

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER — Legal marijuana has a $2.4 billion economic impact in Colorado, according to a study by the Marijuana Policy Group.

The 24-page report concluded the marijuana industry is the fastest-growing business sector in the state. It’s credited with creating 18,005 jobs in 2015, according to the report.

Legal marijuana produced $996 million in sales and $121 million in taxes in 2015.

Marijuana News: Marijuana tampons might mark end of period pain

Marijuana Policy Group used a “marijuana impact model” to show how legal pot affects the economy when it comes to tax revenue, employment, GDP and areas of output.

Tax revenue surged 91.1 percent from 2014 to 2015, according to the study.

Recreational marijuana was passed by state voters in 2012 and the first sales began on Jan. 1, 2014.

Marijuana News: Number of dogs needing treatment after eating marijuana skyrockets