Colorado Sells $5 Million of Pot in First Week

by Alec Torres

After reaching over $1 million in sales on their first day of business — January 1 — Colorado’s 37 dispensaries for recreational marijuana have earned a total of $5 million in the first week, the Huffington Post reports.

The state expects pot retailers to make $600 million in sales by the end of 2014, generating $67 million in tax revenue.

However, despite healthy sales, marijuana dispensaries are facing some problems: Because marijuana is prohibited federally, many banks will not let marijuana businesses open traditional business bank accounts, fearing that they could be guilty of money laundering.  To remedy this, the Department of Justice, as the Wall Street Journal reports, is drafting guidelines to clarify how legal marijuana businesses can interact with banks.

Owners of large stores reportedly sold 50 to 60 pounds of marijuana each since the 1st, and smaller shops have sold 20 to 30 pounds. Colorado residents can buy up to one ounce at any time; out-of-state consumers are limited to a quarter of an ounce.

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