History was made last week when Colorado legalized the sale of marijuana for recreational purposes, with $1 million worth being sold on the first day of legalization alone. According to The Huffington Post, upwards of $5 million worth of legal weed was sold in the state during the first week of the new initiative.
The state projects that legalization will result in $600 million worth of combined retail and wholesale marijuana sales this year, including $67 million in tax revenue. However, an official look at tax revenue won't be available until Feb. 20, when businesses will file tax reports for January.
The Huffington Post reports that larger shops said they sold between 50 and 60 pounds of marijuana during the opening week, while smaller shops sold between 20 and 30 pounds. Owners add that sales have tapered off since the historic opening day, accounting for half of the sales volume. Store owners also claim that reports of a weed shortage due to high demand are simply rumors.
Smoke on, Colorado. Keep spending money while you're at it.