Colorado has allowed the use of marijuana for medical purposes for almost a decade-and-a-half, but the state only legalized the sale of cannabis for recreational purposes in January 2014. With a relatively well-established industry geared up for the production of medical weed and less stringent guidelines for obtaining the bud, it was thought that Colorado could see market cannibalization as some medical users began to use drugs bought for recreational purposes — but after a full year of sales, the state's data suggests otherwise.

The emerging legal marijuana economy will see explosive growth in the coming years. Insurers should be prepared to adopt policies that spell out coverage for legally grown marijuana plants and medical marijuana property. The cannabis industry is expected to grow to nearly $15 billion over the next four years. In states where manufacture, sale and use is legal for recreational purposes, legalization will have a profound impact on not only personal lines insurance, but also commercial coverage, workers’ comp, product liability, healthcare insurance and more.

Colorado has released its first annual report on the status of the marijuana market a year after legalization in the state. It shows a growing industry that has sold nearly 75 tons of cannabis flower and almost 50 million units of pot edibles.

A year after the first licensed marijuana retail stores opened in Colorado, the Marijuana Enforcement Division says the state has sold nearly $700 million of medical and recreational marijuana in 2014. More than half of that, or $386 million, was spent on medical marijuana while $313 million accounted for recreational use.

Colorado's marijuana industry is producing a lot less than it could, according to a state report released Friday.

Although state laws limit how many plants a business can cultivate, the monthly average for medical marijuana businesses last year ranged from a third to about half of what they could have produced, according to the annual update released Friday by the marijuana enforcement division of the Department of Revenue. The division estimates retail cultivation averaged 40 percent or less of the production limit.

Other highlights of the report:

-- Of Colorado's 312 cities and towns, 228 prohibit medical and retail licenses. Still, the places that allow sales include the state's population centers, among them Denver, the capital.

Pot patent(Photo: Bloomberg)

DENVER - It may very well be largest collection of data about marijuana use ever released in human history.

Colorado's Marijuana Enforcement Division unveiled an official report documenting a trove of information about marijuana and edible pot sales, the size of the industry, and testing results.

The Raw Tonnage

74 tons of marijuana flower were sold in the state, of which only 19 tons were sold as "recreational," telling us medical patients used more than twice as much marijuana flower (buds) as did recreational customers.

A state Senate committee on Thursday unanimously approved a bill that would require medical marijuana caregivers to register and allows state agencies to share enough information to ensure pot grown for medicine isn't sold illegally.

While pot sold for recreational use has been subject to a battery of tests and regulations since it became legal last year, medical marijuana has gone relatively unregulated, requiring only that caregivers be at least 18 years old and have "significant responsibility" for the care of a licensed medical marijuana user.

A state Senate committee on Thursday unanimously approved a bill that would require medical marijuana caregivers to register and allows state agencies to share enough information to ensure pot grown for medicine isn't sold illegally.

While pot sold for recreational use has been subject to a battery of tests and regulations since it became legal last year, medical marijuana has gone relatively unregulated, requiring only that caregivers be at least 18 years old and have "significant responsibility" for the care of a licensed medical marijuana user.

Marijuana Industry in Colorado, Eager for Its Own Bank, Waits on the Fed

It was zero degrees in Denver on a late December morning, and the ice-covered streets were mostly empty. Mark Mason, wearing a full-length black coat, green wool hat and sunglasses, sat in a white Buick LaCrosse, eyeing the squat building across the street. It was the local branch of the Federal Reserve Bank.

“Behind that gate, that’s where the armored cars come in,” he said, pointing to a parking lot. “They’ve got a bunch of money in the basement — a bunch.”

We provide an immediate opening for a competent Accounts Payable Specialist, who will become a member of our rapidly developing team. The Accounts Payable Specialist role is responsible for managing the accounting activities of the business including accounts receivable and payable, general ledger accounting, expense reporting as well as account reconciliation. This position is a unique opportunity for a qualified individual to become a part of a growing industry and business.
The Accounts Payable Specialist will face with the following responsibilities:
- Maintain the accounting system up-to-date for the customer payments.
- Cope with the customer invoicing.
- Follow up on the past due receivables.
- Process vendor invoices for the payment and approval.

Team Member - Denver, CO, United States - BarefootStudent.com

Team Member

Company:
Cannabis For Health LLC
Location:
Denver, CO, United States
Job Posted:
30+ days ago

Medical Marijuana Dispensary looking for new team members as we move toward the recreational market. We have a small team with very interchangeable roles. The position would begin with administrative roles and would then transition into budtending. An ideal candidate is someone who can fit into our culture and help grow a company in a dynamic industry. Full and part-time availability.