Cannabis, now legalized in Colorado and Washington, is taking the nation by storm as entrepreneurs get rich while you get high. Crowds waited anxiously outside the first legalized recreation cannabis stores to open on January 1st. Music played to soothe the waiting smokers while snack booths were set-up to supply the crowd with inevitable munchies: donuts, funnel cakes and potato chips were available as business savvy glass blowers sold pipes and bongs. Once the store opened, crowds flooded the shop and emerged with cannabis held high as those in line cheered.
Cannabis activists watch the situation play out and hope for the best. Legalized cannabis should prove to be better than the ongoing drug war, costing the nations millions and imprisoning thousands. The taxed drug will also provide valuable revenue for the state. Washington is posed to launch its cannabis industry after voters approved to legalize the drug last year. Several countries have already decriminalized the drug. The Netherlands allows people to buy and see cannabis, but are forbidden to process or grow it.
When the shops opened for the first time, Denver police made instructed shoppers of the limitations woven into the law but placing the information on government websites and even sending out tweets. The law places bans on public consumption, driving under the influence, taking cannabis across state lines and selling/giving pot to anyone under 21.
Eight towns opened 24 shops after ensuring security was in place and more staff was hired. Inventory was a tricky business since no one was sure how much cannabis to have on hand for this new endeavor. An enterprising tour guide had clients pay $295 for three hours of his time while he instructed his group on the different variations and qualities of the different products. Clients taking the cannabis tours also receive designer bags filled with different samples.
While pot-smoking Coloradoans celebrate the greatly anticipated legalization of their favorite drug, suppliers are stretched to the limit trying to meet the heavy cannabis demand. In addition to the recreational users, cannabis dealers are still responsible for supplying marijuana for medical users. Before the legalization went into effect, many suppliers warn medicinal users to stock up on their supply in order to prevent going without.
Many of the Denver cannabis stores are running short of supplies, some even running out and closing their doors as the new cannabis laws push into their second week. The Clinic, a recreational cannabis store located in Denver erected a sign announcing they were out of marijuana. Ryan Cook, The Clinic’s general manager stated a thousand people stood in line the first four days and consequently completely ran out. The response is amazing! This is good news for entrepreneurs.
Cannabis: Get Rich While You Get High
Economics 101, supply and demand. As Colorado has proven, the demand for cannabis is astronomical causing recreational cannabis shops to close down due to the lack of supplies. What the country needs are cannabis growers. When the demand for cannabis is high, one does not have to be rich to get rich. Over $5 million of cannabis sold in Colorado last week spread out amongst the 50 recreational marijuana shops.
While banking issues remain a headache since cannabis in not a federally recognized legal commodity and therefore banks cannot open accounts for entrepreneurs operating an illegal business, many experts predict the banking laws will change. Jessica Peck, attorney and co-founder of the Women’s Marijuana Movement stated the Obama administration has indicated legalize banking for the cannabis business may be on the horizon. The Women’s Marijuana Movement estimates 1 in 4 Colorado residents will be cannabis users by next year. As a dealer of cannabis, you can get rich while you get high.
By Deborah Baran
The Denver Channel