Marijuana Goes Mainstream on 4/20 in Denver
Ryan Allway
April 21st, 2014
Policy, Top News
Tens of thousands of marijuana enthusiasts gathered at a central Denver, Colorado park for the industry’s April 20th holiday. While celebrations occurred underground in the past, the legalization of marijuana in Colorado resulted in an official city permit and even an events management company getting involved. These changes mark yet another key turning point in the U.S. drug policy.
Despite the fact that it remains illegal to smoke marijuana in public, the Denver Police Department reported only 63 citations or arrests on Sunday with only 47 of those for marijuana consumption in public. At 4:20pm, the crowd emitted an enormous plume of smoke above downtown Denver as rapper B.o.B. sang his hit track “Strange Clouds” in the most visible sign of change to date.
Colorado Amendment 64 legalized recreational marijuana use for adults over the age of 21. The law permits legal users to grow up to six cannabis plants – with no more than half being mature flowering plants, legally possess all cannabis from the plants they grow, legally possess up to one ounce while traveling, and gift up to one ounce to other citizens that are 21 years of age or older.
According to the latest national poll by WSJ/NBC, 55% of those surveyed favor allowing regulated businesses to sell marijuana, with nearly a quarter saying they actively support the measure. Another quarter said they oppose the measure but have not actively worked to have it overturned, and about one in five said that they actively oppose the measures to legalize marijuana.
In January, Colorado generated approximately $3.5 million in revenue from the sale of cannabis, according to figures released by its Department of Revenue. These revenues came alongside a drop in some crime and fewer marijuana-related arrests that may have helped reduce police costs.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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