Since the legalization of Marijuana in both Colorado and Washington this year, the drug has attracted thousands of entrepreneurs and investors to take part in the evolving and lucrative industry.

Aside from marijuana sold for smoking purposes, edible marijuana-based products such as chocolates, olive oils and snack bars have also proven to be very profitable.

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Convention centers are filled with individuals and start-up companies pitching marijuana delivery services and apps.

This year, people from across the United States travelled to downtown Denver to apply for jobs in a marijuana industry-sponsored job fair.

"It's the wild, wild West," Tom Bollich, a Silicon Valley tech-employee turned CEO of a marijuana climate system company, commented.

During the first six months of marijuana legalization in Colorado, the state only had about a dozen stores carrying the drug.

Since January, the number of recreational marijuana stores has increased to 200.

A state study on the demand for marijuana revealed that tourists made up 44 percent of customers at a Denver marijuana shop during a sample week held last spring.

High tourist demand has also helped bring about marijuana tour companies and marijuana-friendly lodgings.

The marijuana retail industry is still rather small in Washington, where only around eight stores have opened so far due to heavy regulations on recreational marijuana.

More than 300 companies have licenses that are currently under state review, pending approval.

Many growers and retailers have had difficulty acquiring capital from banks and other financial institutions and, have had to suffer through an overwhelming amount of waiting time due to a long list of applicants.

Michael McDonald, a Washington native who applied for licenses to grow and process the drug, shared, "I'm about fed up. What's happening is that the only people who are really going to get licenses are the ones who have somehow hidden their illegal money, or legitimized it, or it's big business backing it, and that's not how it was supposed to be."

Despite the long wait and financial challenges, the prediction continues to be that the legalization of marijuana in 23 states and the impending full legalization in Alaska and Oregon will lead to an industry boom, growing from a remarkable US$1.5 billion last year to US$2.6 billion this year.

Currently, there are as many as 80 marijuana companies trading publicly.              

Tagsmarijuana, cannabis, medical marijuana, recreational marijuana, colorado, legalization of marijuana, Denver