Since the beginning of the new year, when the sale of marijuana was legalized in Colorado, the drug retail prices in the state have doubled, Bloomberg says citing Aaron Smith, the executive director of the National Cannabis Industry Association (NCIA).
According to Smith, the average cost of one ounce of cannabis used for recreational purposes is $400. That is twice the per-ounce price of the medical marijuana.
The head of the NCIA also noted that there is no balance of the supply and demand. The drug price is supposed to fall as soon as more pot retailers come on the market. The drug sellers said that the value jumped as they had to employ more people and obtain the corresponding license.
The first store specializing in sales of the recreational marijuana was opened in Colorado on January 2. On the first day, the retailers recorded more than $1 million in sales.
At first only several weed stores are supposed to sell in Colorado; meanwhile, the state authorities granted licenses for the commercial production of the drug to 348 enterprises. The local government expects that by the end of 2014, the marijuana sales will exceed $578 million, $67 million of which is supposed to go to the Colorado Treasury.
