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CNN Money’s 9 Things To Know About Legal Marijuana

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So much going on and being said about the marijuana industry every day, especially when it comes to laws and legislation effecting its economics.

At the end of the day, the MMJ industry is a business, and the endgame for most people involved, is to establish a a position in the marketplace and be in position to profit when marijuana becomes federally legal.

CNN.money Reports:

1. Anyone over 21 can buy marijuana in Colorado and Washington.
There are 833 recreational pot shops in Colorado and 123 in Washington.
10 things pot buying
2. You can smoke it legally in Alaska, D.C. and — by the end of the year — in Oregon, as long as you’re older than 21.┬áBut it won’t be legal to buy it in those states for at least another year while lawmakers hammer out the details. It could take longer in D.C.

3. No one can smoke weed in public, anywhere.

4. Medical marijuana is legal in 23 states, and D.C.
10 things pot legal states

5.You can still be fired for smoking marijuana.
Even if you show up for work stone cold sober, you can be fired for flunking a drug test in most states. But that’s being challenged in court.

6. There is actually one government-run pot store.
The profits from a shop in Washington State called Cannabis Corner will go to special city projects, like upgrading the local playground.
cannabis corner

7. There’s still a black market for pot, even where it’s legal.
That’s because it’s cheaper. Pot sold legally in stores is taxed heavily. In Colorado the rate is 28{f1d755e3d686d84b3fba3fb9da3bc25d6eb08724c18385fd50146d58c836a6dd}.

8. Everyone in Colorado could get a pot tax refund.
Thanks to Colorado’s new pot tax and a quirky state law, residents may get a special one-time tax refund next year. It’s expected to be about $58 million distributed among 5.4 million residents.

9. Banking is still a huge problem for pot shops.
Pot is illegal on the federal level, which means many shops can’t get bank accounts, since banks are regulated by the feds. Retailers have to pay employees and taxes in cash, which makes the business dangerous. But there is legislation has been proposed to make banking easier for selling medical marijuana sellers.

CNNMoney (New York) April 13, 2015: 9:12 AM ET

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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