Colorado Pot Sales Bring in Nearly $700 mln in 2014 - State

Recreation marijuana shops in Colorado rang up nearly $700 million in the calendar year following its legalization in that state on January 1, 2014. That equals more than 17 tons of pot.

Consumers in Colorado bought more than 17 tons of recreational marijuana during the first year of the state’s new retail market, but sales of medicinal pot still outstripped that at almost 50 tons, officials said on Friday.

Voters in Colorado and Washington state opted to legalize recreational marijuana use by adults in landmark twin ballots in 2012. The first retail stores opened in Colorado on Jan 1, 2014.

States such as Oregon and Alaska also have voted to legalize recreational pot, and others where lawmakers face proposals to do so, are watching the Colorado results closely.

State tax officials say sales hit nearly $700 million last year, with medical marijuana accounting for $386 million and recreational pot bringing in $313 million.

In its first annual report, the Colorado Department of Revenue’s Marijuana Enforcement Division said 109,578 pounds (49.7 tons) of medical marijuana were sold in 2014, while 38,660 pounds (17.5 tons) were sold on the retail market.

But recreational sales of pot-infused edible products, such as candies and cookies, outstripped medical sales by about 2.85 million units to 1.96 million.

The report said 322 retail stores were licensed at the end of last year, while 833 licenses were issued to retail businesses in general, and 1,416 medical-marijuana businesses were approved by the state.

It said medical businesses were cultivating about 300,000 marijuana plants on average each month during 2014, while the number of retail plants rose steadily from fewer than 25,000 in January to nearly 217,000 during December.

Sixty-seven jurisdictions allow medical and retail licensees, 21 permit only medical and five only retail, while 228 jurisdictions prohibit them both.

The state’s marijuana laws have been challenged in federal court by neighboring Nebraska and Oklahoma, which argue that weed is smuggled across their borders.

Some Colorado residents also are challenging them, saying the pot industry has hurt their families, businesses or property values.

Supporters say voters have chosen to take the trade out of the hands of criminals, and a Quinnipiac University Poll this week showed 58 percent of Colorado residents support marijuana legalization, versus 38 percent against it.