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Reports US

US stock market daily report (July 07, 2014, Monday)

July 8, 2014, Tuesday, 04:21 GMT | 23:21 EST | 07:51 IST | 10:21 SGT
Contributed by Millennium Traders

Washington state residents will be able to legally purchase recreational marijuana effective Tuesday July 8, 2014 - just one year and eight months after voters legalized it. The sale of cannabis in Washington state will be heavily regulated and taxed. Of over 2600 applications from people to grow cannabis, less than 100 were approved by Washington State Liquor Control Board. The state is expected to allot 334 licenses for the retail sale of cannabis. On Monday, around 20 pot shops approved to sell recreational marijuana should have received their license via email. Those approved to sell pot aren't even sure if they will receive their limited supply of pot to sell, on Tuesday. The sale of pot in Washington is not limited to residents of the state. Simply prove you are at least 21 years of age or older and you can take home some buds to catch a buzz.

Once a licensed pot shop in Washington receives their supply, they must first log the bar-coded inventory into the states traceability system before it can be sold. The state requires a 24-hour quarantine before growers can ship to retailers.

There is already talk of high prices, pot shortages and rationing. Marijuana retailers have the option to ration their supply in attempts to insure that everyone who shows up to make their purchase, have at least a 2-gram package of history in the making, to take home with them. Various strains of pot for sale could fetch a price tag ranging from $12 to $25 per gram.

Randy Simmons, state LCB project manager for legalized marijuana reportedly said Sunday night that the first two dozen stores were being notified early in an attempt to allow a few extra hours for them to get cannabis on their shelves before they are allowed to open their doors at 8:00am on Tuesday.

Cannabis City located in Seattle, Washington is one of the few recreational marijuana shops ready to open for business on Tuesday. The shops owner James Lathrop has hired an events company to provide crowd control, arranged for a food truck and free water for those who might spend hours waiting in line and also rented a port-a-potty. Lathrop's initial 10-pound supply may be rationed to insure everyone can leave with a little pot. Lathrop and John Evich, an investor in Bellingham’s Top Shelf Cannabis, had secured agreements to buy dried marijuana buds from Nine Point Growth Industries in Bremerton on the Kitsap Peninsula. Workers at Nine Point were hustling to sort its 30-pound harvest into thousands of 2-gram packages, said Gregory Stewart, Nine Point’s owner. Stewart has spent time over the past week organizing the logistics of transporting pot to retailers which include a pot shop in southwest Washington, all under high demand.

The attorney who drafted Washington’s cannabis law, Alison Holcomb, plans to purchase her first pot from Cannabis City. Holcomb reportedly said it was a good opportunity to remind people of the big-picture for ending nearly a century of prohibition of marijuana which includes keeping non-violent, adult marijuana users out of jail; redirecting profits away from criminal groups and ending racial disparities in who gets busted. Holcomb said, “No one thought legalization could happen in our lifetime. I think this is going to be a little overwhelming for me.”

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