Seattle Gets Ready to Roll Out Legal Pot Sales

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

July 8 (Bloomberg) -- As Washington becomes the second state to permit the legal sale of marijuana, availability will be limited after officials approved just 24 of 334 allotted retail licenses. Jon Erlichman reports on “In The Loop.” (Source: Bloomberg)

Marijuana.

Stores open their doors to sell.

It is still being highly regulated.

Jon erlichman is that i one of those approved stores in washington state.

This is the only store in washington that is selling.

Yes.

It feels like an apple product launch.

You get the media and people line up.

They are definitely not selling iphones.

This is a store called cannabis city.

This is the first legal place in seattle.

There are many places across the state that are ready to open their doors.

This is been unfolding for the last 20 months.

We know colorado and washington gave the thumbs up for these legal pot stores.

In the case of washington state, there was a lot of regulatory work they had to do to get to this point.

In colorado a lot of people pointed to the medicinal marijuana industry there.

It was already quite regulated.

There was a need to get the regulation phase and the growers and here we are.

There you are.

It kind of reminds you of a product unveiling.

We might be seen lots of sales of pot in washington state.

Does that mean more tax revenue?

I think what we have seen so far, look at what has happened in colorado.

The tax revenue being generated by legal pot is in the millions of dollars.

It is not the estimates that were first thought.

We have seen a similar reduction in estimates for washington state.

A couple of years ago they were rejecting $1.9 billion.

It may have brought that down substantially.

This is heavily taxed pot.

It is generally going to be higher than black-market pot.

That might keep the man down.

The slow approval of these various players that came together to make the industry becomes a supply and demand issue.

A regulated industry, who knows how big this could get.

I know you will be out there

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change