At the start of the New Year, recreational sales of marijuana in Colorado became legal. Meaning, as long as you’re at the age of 21 or older, you may purchase weed at any business that sales it. But — it ain’t cheap.
On January 1, folks were lined up (just like for the MJ’s), for 5 hours to purchase their first bulk, with the most expensive strains selling the quickest. According to an interview with The Huff Post, Toni Fox, proprietor of Denver’s 3D Cannabis Center said: “We’re closing Monday and Tuesday next week to reassess after the large volume of sales we are seeing.”
The other 29 dispensaries selling the drug — are also struggling with the same thing.
The Breakdown
An eighth of an ounce of marijuana, which would have normally sold for as low as $25, was fetching anywhere between $35 to $70, after taxes. With the average price being around $65.
Prices were also increased by the new 25 percent tax — 15 percent excise and 10 percent sales — on all marijuana purchases in the state that voters approved in November, along with any other local jurisdictional taxes on top of that. Marijuana sales are expected to generate nearly $70 million in tax revenue for Colorado in 2014.
[Read More | The Huff Post]
