With Over $1 Million In Sales During The First Day Alone, The Launch Of Legal Weed In Colorado Has Been Successful
The Mile-High City has gotten even higher thanks to the legalization of marijuana for recreational use in the state of Colorado, but some basic supply and demand principles have caused some headaches for stoners.
The legal high comes with high costs, as weed prices have skyrocketed since the legalization went into effect on January 1.
Sticker shock was a serious thing for stoners when legal weed went on sale on Wednesday, as Colorado residents found themselves paying up to $400 per ounce plus tax, much more than the typical $250 people have been paying for ounces at medicinal dispensaries over the past few years.
“I think people were a little bit surprised at the price,” said Rachel Gillette, executive director of the Colorado chapter of NORML. “We are concerned about that.”
Many dispensaries were surprised by the overwhelming demand for pot shortly after doors opened on New Year’s Day.
"Our most expensive strains sold the quickest," said Toni Fox, proprietor of Denver's 3D Cannabis Center, to TheHuffington Post. "We're closing Monday and Tuesday next week to reassess after the large volume of sales we are seeing."
There are still a few hiccups as far as getting the supply ready for the insane demand, but all in all, dispensaries consider the launch a successful one, with some estimates of the state bringing in over $1 million in sales during the first day alone.
While the prices will adjust over time, like many things, the initial batch is being met with surges in pricing, as an eighth of an ounce at some dispensaries will cost up to $70 plus tax as opposed to the normal Colorado price of $25-30, according to The Associated Press.
The prices should, however, level out over time.
“It’s a new industry, a new market,” said Gillette. “I think things will work themselves out in a few years. We saw the same thing happen with the medical marijuana industry before prices came down.”
The unprecedented market for legal marijuana proves how popular and lucrative it can be if legalized, and other states are surely watching intently to see if legalization is something that should make the ballot this November.
With residents being able to purchase up to an ounce at a time and tourists able to purchase up to a quarter ounce, expect tourism in Colorado to rise significantly this year, with Denver gaining an Amsterdam-like appeal.
If you’re wondering how legal marijuana is packaged and sold, check out these photos below!