Colorado resident here. Dispensaries are basically just like liquor stores, they just tend to operate in cash only because of issues with banks not wanting to hold their money (state law vs federal law etc). It is regulated very tightly. They do pay taxes on it, local growers sell to the dispensaries and pay taxes on that as well, 73.5 million in tax revenue through July this year alone.
I'm far from being some "legalize it bro" hippie but the system works and it works well. No different than booze.
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