So, how is Colorado's marijuana legalization going?
On January 1st, 2014, Colorado made buying, obtaining, and even growing of recreational marijuana legal for state and out of state residents. As long as you have a Colorado driver's license, you can obtain up to an ounce of marijuana through any of the local dispensaries that carry it. Out of state residents can buy up to a quarter ounce. Well, most of this is old news at this point, but how is marijuana legalization going for Colorado?
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.