Colorado Pot Sales Hit $1M
Source: The Daily Beast
Colorado pot retailers are getting high on something else: profits. The state's marijuana dispensaries raked in $1 million on the first day of legalization, as Coloradoans braved winter weather and hours-long lines to be the first Americans to buy legal recreational weed. Marijuana was on sale at 24 stores, most located in Denver, and regulators said the rollout of the nation's first legal pot industry went smoothly. Marijuana is legal with a doctor's note in 18 other states.
Read it at NBC 9 News
January 2, 2014 9:27 PM
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Read more: http://www.thedailybeast.com/cheat-sheets/2014/01/03/cheat-sheet.html#4
dipsydoodle
(42,239 posts)loudsue
(14,087 posts)Hell. North Carolina didn't even have legalized liquor drinks until 1979, even without the koch pod people! We are so screwn!
James48
(4,440 posts)RainDog
(28,784 posts)...The state does not impose any pricing structure for pot purveyors, leaving the market open to supply and demand. One dispensary was selling high-quality marijuana on Wednesday at $70 for one-eighth of an ounce a markup from $25 for the same amount the day before, according to The Associated Press.
Colorado State Rep. Jonathan Singer, who sponsored the House bill on legal marijuana sales, said he doesn't want to see the 10 percent special sales tax added to each transaction changed just yet. The state won't know how much those taxes will provide to Colorado's coffers for at least another month.
If marijuana continues to funnel into the black market, I am happy to look at shocking the black market out of the legitimate industry by slashing taxes, but this is way too early in the game, Singer said in an email to NBC News. And judging by the thousands of marijuana consumers lined up around the block yesterday, Coloradans appear comfortable with taxes as they are.
Prices are expected to level out to 185/oz.
TheKentuckian
(25,029 posts)Gotta let it flow.
JesterCS
(1,827 posts)you're talking over $400/oz. Hell I pay $20/gram. 28 grams in an Oz.... that's $560. $400 is cheap. People shouldn't be complaining too much
leftyladyfrommo
(18,870 posts)The word is that they are really watching for people who may have purchased pot in Colorado and are drving back home to Kansas.
This is funny to me. When I was young people used to drive to Caney, Ks in order to drink. It was illegal in Oklahoma. Every year at least one carload of kids was killed driving the narrow crooked roads that went to Caney. There were a bunch of cowboy bars there. We would drink and play pool.
warrant46
(2,205 posts)LadyHawkAZ
(6,199 posts)they will start lobbying for nationwide legalization.
warrant46
(2,205 posts)Like Hard Rock Restaurants are now into Casinos with RePuke Help
Like this swill below Ryan and Walker
http://www.casinokenosha.com
"Menominee Tribe Grateful that Rep. Paul Ryan Expresses Support for the Proposed Hard Rock Kenosha Casino
We are honored to have earned the support of Congressman Paul Ryan and are confident that our project will meet his goal of a net jobs gain that benefits everybody."
"We werent done on Friday. The Tribe worked throughout the weekend making the final run to push Governor Walker to approve the Menominee Hard Rock Kenosha Casino. We hope to hear a favorable decision this week. The Tribe would like to thank you for your support, but lets not stop the contact with the Governor and social media discussion just yet. Please continue contacted Governor Walker via email, social media, and telephone urging him to approve the Menominee Hard Rock Casino!"
razorman
(1,644 posts)Dopers_Greed
(2,640 posts)As I type this, I bet Fox is working on a hatchet piece where they interview a single person who is on food stamps and purchases legal weed.
WinstonSmith4740
(3,056 posts)That means something like $225K for the state coffers in ONE day. If the dispensary owners get greedy and raise prices to black market levels, there will eventually be problems, especially since you can also raise 6 plants legally. Indoor growers can turn a plant approximately every 90 days, and that's a lot of weed. So if greed raises it's ugly head, the black market will continue to thrive. Hopefully, the dispensary owners have more sense that that and won't let it happen. Hopefully, this will be the first domino, and the other states will follow suit. I really think they will, especially when they get a load of how much money they can make off this in taxes, combined with the end of throwing money down a rat hole for enforcement, incarceration, etc. How much fun will it be to see states balance their budgets because of simply ending almost 80 years of one of the stupidest laws ever passed?
postulater
(5,075 posts)the less the call for higher taxes on the 1% will be.
It's a win-win for everybody.
Scott Walker might even go for it if presented this way.
grilled onions
(1,957 posts)Will the "shortage" hit them? Will the spike in prices prevent them from getting what they require to have a quality to life? I hope the gougers greed will slow down once this new law gets running for awhile.
Prisoner_Number_Six
(15,676 posts)I just wish it would flow into Indiana...