The Huffington Post spoke with owners at many of the roughly 30 dispensaries that sold legal weed on New Year’s Day, and they all said the same thing: an eighth of an ounce of marijuana, which would have normally sold for as low as $25, was fetching anywhere between $35 to $70, after taxes.
Prices were also increased by the new 25 percent tax — 15 percent excise and 10 percent sales — on all marijuana purchases in the state that voters approved in November, along with any other local jurisdictional taxes on top of that. Marijuana sales are expected to generate nearly $70 million in tax revenue for Colorado in 2014.
Recreational marijuana is now legal to buy in Colorado, and it’s not cheap. But pot smokers who waited in five-hour long lines weren’t necessarily looking for a deal on Green Wednesday. Many shops raised prices or enforced a purchasing cap of one eighth-ounce in order to mitigate against a possible marijuana shortage.
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