UK & World News

  • 4 January 2014, 5:32

Marijuana: Colorado Stores Make $1m In A Day

Cannabis stores in Colorado are reported to have made more than $1m statewide in a single day of trading after it became legal on New Year's Day.

The record day took place on Wednesday and the industry is expected to generate up to $2.34bn in 2014, KDVR reported. 

But many of the stores are unable to gain access to banking services due to a federal law which states that cannabis is an illegal substance.

In December, the Bank Secrecy Act Advisory Group held a meeting to begin talks on reforming banking regulations to allow banks to engage in services in the marijuana business.

That reform is expected to be completed early in 2014, allowing cannabis stores to set up bank accounts.

Possession, cultivation and private personal consumption of marijuana by adults has been legal in Colorado for more than a year.

But 24 shops, most in Denver, opened on Green Wednesday to sell cannabis. Colorado residents must be over 21 to buy the drug in the state and growers are not allowed to transport it outside Colorado.

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