Colorado is the only state in the nation to host a for-profit medical marijuana industry. The state is second only to California when it comes to holding the largest market for medical marijuana. In the Denver area and other spots around the state, dispensaries are popping up and turning high profits.
The state has imposed strict regulations to keep medical marijuana producers and sellers on the up and up. In Colorado, dispensaries must grow at least 70% of the pot they sell as mandated by law. Dispensaries in Colorado are some of the wealthiest in the nation due to the fact they keep all their profits.
Entrepreneurs are scooping up Denver’s old factories and brick buildings to set up operation. In terms of commercial real estate sales, taxes, and fees, the city is making a hefty profit. Denver raked in $3.5 million in profits from marijuana sales taxes in 2010 alone and hundreds of thousands more from local licensing fees.
As a result of the new boom in marijuana production and sales, the Medical Marijuana and Enforcement Division keep a close eye on all medical marijuana production. Each step of the production is captured on video from the time marijuana is planted until it is sold. The state must approve deliveries and product manifests.
Some in the state are worried about Colorado’s new hold on the medical marijuana industry. The head of the Colorado District Attorneys Council, Tom Raynes, frets over what will happen if the U.S. Justice Department deems all marijuana illegal. He feels as though Colorado could be starting trouble on a federal level.
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on Aug 22 2011. Filed under Business Financial News.
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