Colorado will begin allowing recreational marijuana sales on January 1 to anyone age 21 or over.
Residents will be able to buy marijuana like alcohol — except the cannabis purchase is limited to an ounce, which is substantial enough to cost about $200 or more.
It’s a big moment: Colorado will become the first state in the nation to open recreational pot stores and become the first place in the world where marijuana will be regulated from seed to sale. Pot, by the way, is the third most popular recreational drug in America, after alcohol and tobacco, according to the marijuana reform group NORMLprohibition things to know about what will be a closely watched landmark law.
How can this be?
Voters wanted this. And the law is now in the Colorado constitution after 65% of voters said yes to legalizing recreational marijuana.
Colorado wasn’t the only state to OK this in November 2012. Voters in Washington also said yes, but that state won’t open marijuana retail outlets until later in 2014.
There are the usual “legalize it” arguments about how pot is less dangerous than alcohol or tobacco and how legalization would save taxpayers $10 billion yearly on enforcing the prohibition.
Retail weed will have a 25% state tax — plus the usual state sales tax of 2.9% — making recreational pot one of the most heavily taxed consumer products in Colorado. Some communities are adding even more taxes to the product.
The additional revenue will initially amount to $67 million a year, with $27.5 million of it designated to build schools, state tax officials say.
So why bother with separate medical marijuana?
Because buyers of medical pot won’t face the additional taxes.
Medicinal weed in Colorado still requires a physician’s recommendation, and the dispensaries will be separate outlets from the recreational pot retailers.
How much recreational weed can I buy?
If you are 21 or older, you can buy up to an ounce at a licensed store, as long as you have a Colorado ID. People from outside Colorado can buy a quarter ounce.
Only a handful of stores, however, are expected to open on January 1, and Denver will be home to many of them, according to the Denver Post and the weekly Denver Westword. In fact, there are concerns that supplies will be sold out on the first day, with so few stores having passed the lengthy licensing process so far. About 160 retailers are still seeking licenses statewide.
Users can also share an ounce of cannabis with a friend as long as no money is exchanged.
Read more: CNN