Colorado marijuana sales reach up to $1m on first day

Initial estimates say sales could reach $600m by the end of 2014

In this Dec. 27, 2013 photo, marijuana and cannabis-infused products are displayed for sale at Medicine Man marijuana dispensary, which is to open as a recreational retail outlet at the start of 2014, in Denver. Colorado is making final preparations for m (AP Photo/Brennan Linsley)

Stores selling cannabis in Colorado have reportedly made up to $1m collectively during the first day of trading.

The sale of recreational marijuana became legal on New Year’s Day and stores may have turned over up to $1 million statewide during that day alone, shop owners have told NBC affiliate 9News.

The Department of Revenue for Colorado said official figures on how much was made will not be released until February, although they expect that sales could hit $600m by the end of 2014.

This comes despite many shops being unable to gain access to banking services because of federal law in place stating cannabis is an illegal substance, according to KDVR.

Customers must pay in cash as federal banks will not knowingly service the industry, KDVR reported.

On so-called ‘Green Wednesday’, 24 stores, including thirteen former medicinal marijuana dispensaries, were able to sell the formerly illegal drug to customers interested in its recreational properties.

About 136 businesses in Colorado had been granted licenses to sell cannabis recreationally by 1 January, most of which are located in Denver.

While non-medicinal possession, cultivation and private consumption of marijuana was legalised in Colorado over a year ago, cannabis will only now be legally sold to the general public and taxed in a system similarly to alcohol.