We’re less than a week into the legalization of the sale and use of marijuana for recreational purposes in the state of Colorado, and the demand has proven to be overwhelming.
After it was reported over $1 million in sales were made on the first day alone and tweets came from everyone, including Ben & Jerry’s, about the legalization of weed in Colorado, it all seemed like good times in the Centennial State. That is, however, until stores started to run out of the goods.
To keep up with the demand, shops have marked up prices some 180 percent — an eighth of an ounce used to cost around $25 in Colorado, but some stores are charging as much as $70 now.
Not to mention, this is the price without taxes, which tack on an extra 25 percent to already mile-high price, 15 percent of which goes towards building schools in the state.
For residents looking to buy larger amounts at a time, the price for an ounce is up over $400 from around $225, and that’s if you can get your hands on one, as many stores have closed their doors in order to restock and reassess how they’re going to supply the insane demand for marijuana in the state.
“We are going to run out,” said Toni Fox, owner of the 3D Cannabis Center in Denver, last week. “It’s insane. This weekend will be just as crazy. If there is a mad rush, we’ll be out by Monday.”
The result of the legal shops being unable to meet the demand could open up opportunities for the black market to regain some of the market share.
“People will get real tired of paying the taxes real fast,” said one street dealer in Pueblo. “When you can buy an ounce from me for $225 to $300, the state adds as much as $90 just for the tax.”
Do you want your weed money to go towards the building of schools, or do you want to save money and have it to go to the hands of street dealers? The choice is yours in Colorado.
Via: Time, Top Photo Credit: Getty Images
