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Marijuana Business Expected to be Enormous

Colorado’s Revenue Department has until July 1 to draft rules for marijuana cultivation, distribution and retailing. While the state of Washington has until Dec. 1 to have regulations in place.

“This is brand new and unprecedented,” said Colorado Rep. Dan Pabon, who has been appointed to Gov. John Hickenlooper’s task force to devise and implement the law. Rep. Pabon also said, “There’s not a lot of evidence we can look to, other than using deductive reasoning, to determine the best course.”

Both states are proceeding although they know they could be stopped at any point by the federal government.

“We predict the market will be four to five times bigger than the current market,” said Brian Vicente, a lawyer based in Denver, who said he has advised many operators of Colorado medical marijuana dispensaries. “There are about 500,000 people who admit to using medical marijuana once a month, so quite a few people who are not medical marijuana patients will be going to these new stores” claims Vicente.