In the changing nature of its war against drugs, the US state of Colorado is to become the first to license shops for selling cannabis.
People will be able to buy up to one ounce (28 grams).
The product comes with a tax rate of 25% and a good part of that will be devoted to building new schools.
The experiment will be closely watched amidst fears that it will attract drug users from around the country. Indeed, tour companies are already waiting to bring in customers.
Others hope the measure will inject millions into the economy.
Colorado legalised sales of cannabis more than ten years ago to people who suffer from certified medical conditions, such as cancer or multiple sclerosis.
Hundreds of licensed medical dispensaries sprang up. They get their supplies of the drug from regulated cannabis growing facilities, located in warehouses on industrial estates.
And it is not just Colorado. Sales of cannabis for medical purposes are legal in 20 states in the US.
But the new legislation in Colorado allows sales for recreational use.
The market rate is as yet unclear. A study from the University of Colorado put forth an average price of $185 per ounce, but more for higher quality cannabis.
One market research firm estimates the newly legitimate industry will be worth almost $370million next year, netting the state nearly $100million in tax revenues. According to the state’s Marijuana Enforcement Division, 136 businesses have already applied to open cannabis shops.
The burgeoning industry is not without problems related to unlicensed cannabis from Colombian drug cartels. Much illegal cannabis has been seized by officials.
