We’ve spent a great deal of time discussing the limitations of Washington’s I-502 regulations, but it wouldn’t be worth talking about if the recreational marijuana industry weren’t extremely promising. Washington businesses looking to enter the market need look no further than Colorado to see that promise coming to fruition.
Even from the short period of time recreational marijuana sales in Colorado have been in effect, since January 1st, there is a lot to learn about the business already. For one thing, in Colorado, industrial space used to house production and processor operations is going at a premium. Excessive demands make finding and leasing industrial spaces for marijuana operations a less and less risky venture. This not only reaffirms the promise of the marijuana industry, but should also get the attention of landlords with large industrial space in the Washington area. As of now, the space occupied for marijuana production and processing is nearly 4.5 million square feet in Colorado.
Another indication of the marijuana industry’s promise is the Colorado marijuana tax revenue. In January alone, Colorado took in nearly $3.5 million in marijuana related tax revenue, putting it on pace for $40 million in 2014. It’s not hard to imagine, with such a lucrative source of tax revenue on the horizon in Washington, lawmakers will begin to encourage the marijuana industry and aid in its development.
The risks inherent in entering the marijuana industry are well documented. Now, having seen the early success of the Colorado marijuana market, Washington businesses can begin to see the long promised rewards. You should consult a marijuana law attorney if you are thinking about starting a marijuana business in Washington.