Price of cannabis doubles in Colorado in days following legalisation According to The National Cannabis Industry Association recreational cannabis businesses in Colorado made "well over $5 million" in sales in the first five days. A week after legalisation Denver City Council has voted to ask the US federal government to allow banks to take on cannabis businesses as customers. Banks are currently banned from working with cannabis businesses, including offering loans or credit cards, and the shops operate entirely on cash transactions, which one councillor described as "absurd and ridiculous." Following legalisation the Washington DC-based National Cannabis Industry Association estimated the average price at $400. Executive director Aaron Smith told Bloomberg News: "That's just supply and demand. As more businesses open and the businesses get a sense of what the demand is and are able to meet it, the prices will go back down. Rachel Gillette, Colorado executive director of legalisation camaign group NORML, told NBC News: "I think people were a little bit surprised at the price. We are concerned about that. It's a new industry, a new market. 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. Local politicians said if high prices lead to a continuing cannabis black market then taxes could at some point be reduced But they are confident increased competition will soon bring the price down again. Only a few dozen cannabis shops opened in Colorado on Jan 1. More than 100 others have been given licences but their opening was delayed by red tape.