Colorado is the first state where the medical marijuana business is fully regulated, licensed and taxed. Unlike California where medical marijuana dispensary owners work in nonprofit collectives, Colorado allows cannabis business owners to profit as much as possible from their sales. Colorado legalized medical marijuana in 2000, and more than 80,000 people in the state now hold medical marijuana certificates, according to The New York Times. However, tight rules and restrictions have made it hard for these businesses to thrive.
On June 7, Colorado's governor, Bill Ritter signed Amendment 1284 into law, which is expected to put many dispensaries out of business. Over the next few months, felons will be prohibited from owning dispensaries, 24-hour webcams will be required, and there will be new restrictions on business hours, licensing and labeling. Louise Story, finance reporter for The New York Times takes a closer look at the emerging market for marijuana.
Louise also looks at the impact of Sen. Robert Byrd's death on the passage of financial regulation legislation.