- On March 11, 2016
- 0 Comments
- Finances, Legalization
The recent legalization of marijuana in several states has led to a growing trend of acceptance of marijuana as both a medical and recreational product. While several states have decriminalized marijuana or legalized medical usage, not all of them have accepted it as both a medical and recreational item. Those states that have legalized the recreational use of marijuana are now seeing what is known as “pot tourism.” While not quite to the legendary status of Amsterdam, this is a unique and growing industry.
As LiveGreen is located in Colorado, we are doing business in one of the few states that has legal recreational marijuana. For both pot tourists and local businesses, this is a truly unique opportunity on both sides. Here is a brief overview of the current legal situation for pot tourism in Colorado and what this means for our state from an economic perspective.
Colorado Pot Tourism – The Facts
In Colorado, any non-resident tourist over the age of 21 (with a valid federal ID) can buy a quarter of an ounce of marijuana per transaction for recreational use. Despite being legal there are still regulations to keep mind, as follows:
- You cannot smoke in public, in public parks, or on campgrounds. Doing so can lead to tickets and heavy fines.
- As with traditional tobacco cigarettes, “no smoking” rules apply much the same way in hotels and other businesses such as restaurants.
- Despite being legal in the state, it is illegal to bring marijuana into Colorado from the outside. Breaking this law can lead to serious repercussions including jail time.
- Good general advice to tourists is to behave yourselves – don’t litter, damage property or be a general nuisance. Guests are welcome, but so is good behavior!
- As noted above, buying and smoking are two different things. Currently weed cafes (commonly found overseas) are not currently a common thing here. The industry is still growing and a bit experimental at this stage. Tours, party buses, and limos are all being utilized.
- To get around the no smoking in public regulation, weed edibles (for example cookies) are available and very easy to keep under the 10 milligram recommended dosage regulation for public consumption.
The Financial Aspects of Pot Tourism in Colorado
Pot tourism is bringing money and business to Colorado. It’s a unique market to be in and one that is often changing due to the evolution of marijuana laws. First, despite the ever growing usage of electronic payments and credit cards, cash is still king when it comes to pot tourism. It bucks the technology trend due to a lot of banks having issues with marijuana businesses. The market itself is also suffering from high demand as sellers and dispensaries are not opening fast enough to keep pace with the customer base. This is by no means a bad thing as it points to a strong and stable market once it matures.
Logistics are also playing an issue, as currently there are 136 suppliers in Colorado and 75 percent of those are centered around Denver, both in the city and surrounding county. One thing to take note of is that some locations may opt out on allowing marijuana usage in their counties, although doing so causes them to miss out on a growing and gainful economic situation.
The current market of pot tourism is being driven by innovative ideas. As widespread weed cafes are currently not established, tours are currently a driving force on the economic side of pot tourism. For example a weekend tour can cost $1,000 and offers a full experience. This includes transportation from the airport, marijuana cooking courses, smoking equipment for the duration of the trip so visitors can smoke what they buy, and hotel accommodations.
On the state level the current amount of promotion of pot tourism from the state tourism board is somewhat lacking. Given marijuana’s current federal status as illegal, this is understandable. For the future, as state and federal laws change, there is a great opportunity to position Colorado as the Napa Valley of marijuana and enjoy all the prestige and financial success that entails.
LiveGreen Cannabis Welcomes Denver Tourists
For anyone who is interested in pot tourism or simply has questions about it, we invite you to visit us at LiveGreen Cannabis. We welcome any inquiries about the financial aspects of our growing industry. We pride ourselves on the quality of our goods and always place customer health and satisfaction at the forefront of our business. At LiveGreen, we are committed to making your visit a positive, healthy, and relaxing experience.