So, how is Colorado's marijuana legalization going?
Marijuana sales exceeded $1 million just on the first day, with only 24 shops open mainly in the Denver area. Within the first week, over $5 million in sales were accrued. In addition to the one ounce maximum imposed by law, businesses are putting their own caps on the amount of weed sold to each individual to prevent pot shortages. With the 15% tax on recreational marijuana, someone buying an ounce could spend up to as much as $400, twice the amount of medical marijuana.
State officials project $67 million a year from taxes on marijuana sales alone and estimate it to become a $10 billion industry by 2018.
Posted in: Other