Revenue From Marijuana Sales Continues To Climb In Colorado

[Source: TheWeedBlog]

Data was released this week for marijuana sales numbers in Colorado from the month of April. As expected, sales increased in the month of April over previous months. The increase is likely due to the fact that April 20th saw an enormous influx of recreational consumers to Colorado for the marijuana holiday, and dispensaries sold more medical marijuana for the holiday as well.

In April, Colorado medical marijuana dispensaries sold roughly $32 million worth of medical marijuana. Revenue from recreational sales was roughly $22 million, which is a 17% increase from March. Roughly $14 million was brought in during February and January for recreational sales. This is great news for the State of Colorado. So far, Colorado has generated almost $18 million dollars in taxes and fees from marijuana since January.


READ HERE: Revenue From Marijuana Sales Continues To Climb In Colorado

Colorado Law Sets up Marijuana Banks; Feds Must OK

[Source: ABC News]

Seeking to move marijuana businesses away from cash-only operations, Gov. John Hickenlooper signed legislation Friday that tries to establish the world's first financial system for the newly legal industry in Colorado.

The legislation seeks to form a network of uninsured cooperatives designed to give pot businesses a way to access basic banking services like checking. But approval from the Federal Reserve remains a hurdle.

Out of fear of violating federal law, banks don't work with marijuana businesses. That has led to concerns that the burgeoning marijuana industry could be a target for robberies.

Mike Elliott, executive director of the Marijuana Industry Group, said a member of his organization was robbed a few days ago. The cash-only model has become stressful for businesses and their employees, he said.

"We don't a need a vault. What we need is checking," he said. "We're looking for a way to take cash out of the businesses.

READ MORE HERE: Colorado Law Sets up Marijuana Banks; Feds Must OK

Cannabis Time Capsule, 1888: Medical-pot candy predicted 126 years ago?

[Source: Denver Westword Blog]

Leadville in the 1880s was a tough town populated by mining tycoons, the poor miners that made those tycoons rich and the businesses that supported the industry. Okay, there were also a bunch of bunch of thieves, cheats, hookers, gamblers, drunks, visiting opera singers and (apparently) drug addicts around, too.

Our story this week finds us at the intersection of two such groups almost 126 years ago to the day, with a pharmacy at the center of the action.

Taylor's Drug Store was located in the Vendome Hotel Building -- now known as the Tabor Grand. At the time, the town was booming and owner George Taylor was seeing all types in his store. Apparently, a reporter caught up with him one morning when he was on a tear about them.

"You talk about cranks," Taylor told the reporter, who added that "the druggist has not only his full share but a great deal more in the way of idiots who bother him."

More reading here: Cannabis Time Capsule

U.S. House vote blocking feds from meddling in state medical pot laws surprises even advocates

[SOURCE: OregonLive]

An amendment barring the U.S. Department of Justice from interfering with state medical marijuana laws got a surprising boost from GOP lawmakers.

Though many Republican lawmakers remain opposed to marijuana reform, others view the federal war on drugs as overreach "and a violation of the rights of more than two dozen states that have legalized cannabis or specific components of it for medical use," the Los Angeles Times reports. The U.S. House narrowly passed the amendment Friday; it now heads to the Democratic Senate.

Writes LA Times reporter Evan Halper:

Most GOP stalwarts, of course, continue to rail against liberalization of the laws. Rep. Andy Harris of Maryland, a physician, declared during floor debate that medical marijuana is a sham. Real medicine, he said, "is not two joints a day, not a brownie here, a biscuit there. That is not modern medicine."

READ MORE HERE: U.S. House vote blocking feds from meddling in state medical pot laws