Day One of Legal Marijuana: $1 Million in Revenues
I can smell it already- 2014 is going to be a great year filled with highs. Revenues for January 1st’s recreational marijuana sales in Denver, Colorado are in and retailers collectively raked in over a million dollars.
Here are the details. According to a Time article today, one million dollars was collected by only 24 marijuana clinics that were ready to sell on the 1st. Massive lines of excited smokers from all over the U.S. came to stand outside in the cold and snow to be among the first to buy legal, recreational weed that you only need to be 21 to purchase. Prices for weed varied during the day due to tight supply and high demand while some stores even closed after essentially being completely bought out; some dispensaries charged only $25 dollars for an eighth (of an ounce) while others charged $70. Here in Cali, an eighth of the dank goes for around $40 while a quarter ounce (quad) goes for around $80. There is no set state price for weed as of yet. Currently, you can’t blaze up outside in public, you definitely can’t take it out of Colorado, and don’t even think about stocking up to become your neighborhood’s new weed dealer. If you plan on visiting Colorado, it’s best find a friend’s house or a cozy hotel, put a towel under the door and you are good to go.
Colorado’s state government also made a killing as 25% of that million went to tax. The only other state to legalize marijuana, Washington, expects to begin recreational sales by late spring. The good news is that legal weed has made an awesome (and so far safe) debut, making 2014 the year money grows on trees.