The First Day of Marijuana Sales in Colorado Brings Over $1 Million in Sales [POLL]
This is crazy! The first day of legalized marijuana sales in Colorado, brought in over $1 million statewide, according to 9News of Denver. Nationwide, the legalized pot industry is expected to bring in $2.34 billion in 2014, which including both medical and recreational sales. Store owners have to hold on to all the money coming in because the federal banking regulations still prohibit banks from accepting money, since they still consider marijuana illegal.
According to KDVR, Mike Elliott, executive director of the trade association Medical Marijuana Industry Group, had this to say;
“We all know this needs to be fixed because there is not one good reason why these businesses are not allowed to have banking accounts — only bad reasons: security concerns and accountability concerns,”
With pot currently selling between $35 and $70 for an eighth of an ounce, the state of Colorado is betting on pot: to bring in $67 million in tax revenue.
The first $40 million generated by the state excise tax is dedicated to school construction, and the rest is slated for marijuana regulation.
So what do you think? Should Texas legalize pot or not?