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DonViejo

(60,536 posts)
Fri Jan 3, 2014, 10:28 AM Jan 2014

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

18 replies = new reply since forum marked as read
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Colorado Pot Sales Hit $1M (Original Post) DonViejo Jan 2014 OP
Sounds good for a day's receipts. dipsydoodle Jan 2014 #1
Why should Coloradoans have all the fun? A road trip is in the cards! loudsue Jan 2014 #2
Smog alerrrrrrrrrt James48 Jan 2014 #3
Love it!! CrispyQ Jan 2014 #6
Stores have raised their prices...again RainDog Jan 2014 #4
Taxes are not likely the problem but rather supply being too bottlenecked. TheKentuckian Jan 2014 #13
For the good stuff, In Ohio JesterCS Jan 2014 #5
Watch out for the Highway Patrol coming out of Colorado into Kansas leftyladyfrommo Jan 2014 #7
When is Walmart gettting in on this ? warrant46 Jan 2014 #8
As soon as they're sure there's enough profit in it, LadyHawkAZ Jan 2014 #9
I'm surprised they aren't into Casinos warrant46 Jan 2014 #11
They will make plenty of money selling Doritos in Colorado. razorman Jan 2014 #15
+1 warrant46 Jan 2014 #17
Good news Dopers_Greed Jan 2014 #10
So if I'm doing the math correctly... WinstonSmith4740 Jan 2014 #12
The 1% should welcome this. The more tax collected from the marijuana smokers postulater Jan 2014 #14
How will this affect those who use medical pot? grilled onions Jan 2014 #16
The spice must flow. Prisoner_Number_Six Jan 2014 #18

loudsue

(14,087 posts)
2. Why should Coloradoans have all the fun? A road trip is in the cards!
Fri Jan 3, 2014, 10:46 AM
Jan 2014
Good for you guys! North Carolina has been taken over by the koch pod people, and we're under their rule. We won't be seeing legal pot for another 50 years.

Hell. North Carolina didn't even have legalized liquor drinks until 1979, even without the koch pod people! We are so screwn!

RainDog

(28,784 posts)
4. Stores have raised their prices...again
Fri Jan 3, 2014, 11:34 AM
Jan 2014
http://usnews.nbcnews.com/_news/2014/01/02/22149509-high-demand-price-of-legal-marijuana-soars-in-colorado

On the first day of legal weed sales, Gillette said she found retailers selling top-shelf marijuana to recreational users at prices close to $400 per ounce, not including taxes.

...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.

JesterCS

(1,827 posts)
5. For the good stuff, In Ohio
Fri Jan 3, 2014, 11:53 AM
Jan 2014

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

(18,868 posts)
7. Watch out for the Highway Patrol coming out of Colorado into Kansas
Fri Jan 3, 2014, 12:02 PM
Jan 2014

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.

LadyHawkAZ

(6,199 posts)
9. As soon as they're sure there's enough profit in it,
Fri Jan 3, 2014, 12:25 PM
Jan 2014

they will start lobbying for nationwide legalization.

warrant46

(2,205 posts)
11. I'm surprised they aren't into Casinos
Fri Jan 3, 2014, 01:17 PM
Jan 2014

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 weren’t 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 let’s 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!"

Dopers_Greed

(2,640 posts)
10. Good news
Fri Jan 3, 2014, 12:54 PM
Jan 2014

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)
12. So if I'm doing the math correctly...
Fri Jan 3, 2014, 01:25 PM
Jan 2014

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)
14. The 1% should welcome this. The more tax collected from the marijuana smokers
Fri Jan 3, 2014, 02:31 PM
Jan 2014

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)
16. How will this affect those who use medical pot?
Fri Jan 3, 2014, 06:04 PM
Jan 2014

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.

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