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Colorado marijuana prices: Sticker shock as price of pot skyrockets

Colorado marijuana prices are resulting in sticker shock as they skyrocket to outrageous proportions. NBC News reports Jan. 4 that when pot could legally be purchased Wednesday, some retailers were selling marijuana as high as $400 per ounce to recreational users, said Rachel Gillette, executive director of Colorado chapter NORM -- a nonprofit group working to make marijuana legal nationwide.

Gillette said she is "concerned" about the amount of Colorado marijuana prices.

Marijuana sold for medical purposes have been sold at dispensaries for about $250 an ounce plus taxes. This has been done in the state since 2010.

At this time Colorado marijuana prices have no limits on cost. It is open to the market's supply and demand. A dispensary selling high-quality marijuana marked its price up by $25 to $70 for one-eighth of an ounce the day pot was legalized.

Gillette said the new marijuana law is being watched closely. They do expect prices to stabilize, but it will not happen right away.

“It’s a new industry, a new market,” Gillette said. “I think things will work themselves out in a few years. We saw the same thing happen with the medical marijuana industry before prices came down.”

Since pot was legalized in the state Jan. 1, it has been in the news daily with everything from death hoaxes to the now high cost of someone getting their hands on some. How long will it take for Colorado marijuana prices to come down?