In July, Washington took their inaugural steps into the marijuana business world. Meanwhile, Colorado was celebrating its six-month anniversary of the legalization. But being the pioneers in the business wasn’t all fun and games. With issues arising related to edibles and other complications, Colorado had its trials and tribulations. However, by reflecting on the missteps, we are able to gain a solid look at the market.
Recently, the Marijuana Policy Group for the Colorado Department of Revenue released its study looking at the supply and demand of marijuana. According to Vox, the earliest demand estimate was 54.45 metric tons a year. The Marijuana Policy Group’s new study now estimated the demand to actually be 121.4 metric tons.
While this is quite a gap, it doesn’t mean the demand has necessarily increased. Because the supply and demand is legal, the government can now track a regulated market and instead of trying to make estimates based off the black market. This means we can more accurately predict, as well as track, the purchasing and usage of marijuana.
After reading studies like this one, it makes me wonder what else will we learn as the data unfolds. Just as Washington shaped its laws based on Colorado’s experiences, Colorado may see changes in marijuana laws based on Washington’s results. As our data and knowledge increases, regulations are bound to be redefined.
As business lawyers, we at Hunsaker | Emmi, P.C. are watching these regulations closely to see how possible changes may affect our clients. If you are in the marijuana business, be sure to remain aware of the possibility of these changes and how they could affect the operations of your business.
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