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[video] Legal Pot in Colorado Means Big Business for Weedmaps

The video this transcript is based on appeared on December 31.

NEW YORK (TheStreet) -- Recreational marijuana goes on sale in Colorado beginning January 1. Justin Hartfield, CEO of Ghost Group plans to help buyers by operating Weedmaps.com, a listing and review site for dispensaries. Hartfield is keeping an eye on supply and pricing as there is concern that Colorado may sell out of its supply if out-of-state buyers come in.

VIDEO TRANSCRIPT:

Debra Borchardt:
Recreational marijuana will be legal to buy in Colorado on January 1st. Up to 350 recreational licenses issued by Colorado only about a dozen are expected to be able to open on day one. The first sale will be at 3D Cannabis Center in Denver at 8am. But what if you wanted to go elsewhere but didn't know where the shops were or which one was better? Justin Hartfield is the CEO of Ghost Group that operates Weedmaps.com. Justin, walk us through the service. It looks a little bit like Yelp for pot.

Justin Hartfield:
Well you know it's similar and if you're someone who is 21 or over in a city in Colorado you can go on our website and find all the places that are now adult-use dispensaries in Colorado.

Debra Borchardt:
Now could out-of-state buyers potentially deplete Colorado's supply?

Justin Hartfield:
You know that's a potential, especially on the first day or first weak of sales. There could be a frenzy of people from out of state getting legal marijuana for the
first time but the good part about marijuana is that in three or four months new crops are grown, the harvest is going to get replenished.

Debra Borchardt:
Now do you think that the prices will go up, is there going to be a spike because everybody is going crazy?

Justin Hartfield:
I think there's going to be a rise in pricing for two reasons: first because because the tourists, like you mentioned, and secondly there's a 25 percent tax in the city of Denver on adult-use marijuana and I think that's going to drive the price up even further.

Debra Borchardt:
Alright, does Colorado think that they're going to see more residents start smoking pot now that it's legal?

Justin Hartfield:
They don't think so and that's not what the statistics say. This is not something that's totally crazy. Amsterdam has had this for decades and we just know by the statistics in the Netherlands that it doesn't lead to increase use rate.

Debra Borchardt:
Alright, so how many people are using Weedmaps? What's your subscriber rate like?

Justin Hartfield:
We get about four million people a month come to the site. We have more than two and a half million downloads on the Android and iPhone and iPad applications. We're growing every month.

Debra Borchardt:
Alright, sounds like you're growing like a weed. I'm sure this is going to be an unusual start to the New Year for Colorado. Thanks Justin. I'm Debra Borchardt for TheStreet, happy new year everyone.

Written by Debra Borchardt in New York.

Stock quotes in this article: PHOT, TRTC 
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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