Owners of the 37 new dispensaries around Colorado reported first week retail sales when added together, were roughly $5 million.
Colorado, the first state to allow retail recreational marijuana sales to adults age 21 and older, has projected nearly $600 million in combined wholesale and retail marijuana sales annually. The state, which expects to collect nearly $70 million in tax revenue from pot sales this year.
Colorado and Washington became the first states ever to legalize pot for recreational use, according to Fox News, Wednesday, Nov. 07, 2012.
While Washington and Colorado say YES to weed, the federal government still says that it is illegal.
The measure in Washington State is called Initiative 502 will “legalize and regulate the production, possession and distribution of marijuana for residents age 21 and older,” according to Fox. This also includes a 25% tax on the product.