2/18/2013 8:34 PM ET|
Marijuana giveaways raise interesting questions
A new Colorado law OKs recreational use of pot, but selling it remains illegal. However, a loophole is prompting some questionable business practices.
That's the approach one Colorado “head shop” is taking. The Denver Post reports the shop recently put an ad on Craigslist in an effort to attract more customers to its relatively remote site near the city's Sports Authority Field at Mile High (insert your joke here).
"The marijuana is not for sale," the store's owner told the Post. "You're actually purchasing smoking accessories, tobacco, T-shirts, fine art. As a gift for them patronizing our store, we're giving them 2 grams of marijuana for free.... It's just an incentive."
The offer, and others like it, are also coming under scrutiny from both sides of the cannabis issue in Colorado. And it could have an impact on the future of marijuana sales elsewhere in the U.S.
Voters in the state passed Amendment 64 last November, legalizing the recreational use of marijuana by adults. You can also legally "gift" a certain amount of marijuana to someone else. But it's still illegal in Colorado to buy or sell cannabis for recreational purposes -- at least until next year, when communities can decide to allow or ban local retail pot shops.
Medical marijuana is already legal and a big business in Colorado, and this acceptance, along with the apparent legal loophole in Amendment 64 has, for the moment, encouraged others in the cannabis industry to try their luck with "free" pot.
A Colorado Springs delivery service recently came under law enforcement scrutiny for offering door-to-door marijuana deliveries in exchange for "suggested donation[s] towards researching [marijuana] and improving our cultivation operation,” according to the city's Independent newspaper,
Some cannabis-oriented clubs also offer free marijuana -- after you pay an admission fee.
Supporters of Amendment 64 say there's some legal backing for the concept of trading marijuana without "remuneration" for a service, donation or item.
But marijuana is still illegal under federal law, and local law enforcement officials in Colorado are wise to the game as well.
"If I show up at your house with less than an ounce of marijuana, I'm 21, you're 21, and I say, 'Hey dude, it cost me 50 bucks in gas to get over here,' and you give me 50 bucks for my gas, there's nothing illegal," Lt. Mark Comte with Colorado Springs Police told the Independent.
"I mean, you and I both know what's going on with it,” he said, “but they know what the loopholes are right now."
More on moneyNOW
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Both lawmakers voted against aid for Superstorm Sandy victims before accepting funds to help their own tornado-ravaged state.
- At software giant SAP, autism is an asset
- Mike Bloomberg's next career: Taxi magnate?
- Shotgun wedding for Saks and Neiman Marcus?
- Charles Ramsey gets burgers for life, but no Big Macs
- McDonald's CEO: Relax, Ronald's not bad
- New Jersey bar sting turns up 'swill'
- Mike's Hard Lemonade goes after male drinkers
- Big job gains expected next year, economists say
- Yum aims to fatten up by doubling Taco Bell sales
[BRIEFING.COM] The major averages ended modestly lower with the S&P 500 shedding 0.3%.
The benchmark average saw an opening loss of 1.2% after Japan's Nikkei tumbled 7.3%. Japanese stocks sold off amid continued volatility in Japanese Government Bond futures as the 10-yr yield spiked almost 16 basis points to 1.002 before the Bank of Japan's JPY2 trillion liquidity injection caused yields to retrace their gains.
Adding insult to injury was news out of China where the HSBC ... More
More Market News
In the never-ending contest for sales, American carmakers are pulling ahead.