Washington State Issues First Pot License

NEW YORK (TheStreet) -- Washington state issued its first legal producer and processor license for recreational marijuana on Wednesday. Sean Green of Spokane, Wash., was approved to grow and process marijuana in a space not to exceed 21,000 square feet.

Green's company is called Kouchlock Productions, a nod to the urban slang of couch lock, which is defined as being so stoned a person is unable to leave his couch for hours. The term is also used to describe a particular strain of cannabis that is resistant to mold, flowers in eight weeks and is easy to grow. Couchlock cannabis is known to have sedative qualities.

"This is a historic day," said Washington state Liquor Board Board Chairwoman Sharon Foster. "The hard work and preparation this agency has done has laid the foundation to make this pioneering endeavor a success." The board has received more than 2,800 producer license applications and impatient activists believe the process is moving too slowly.

Green already owns two medical dispensaries in Washington called Pacific Northwest Medical and has been active in the local marijuana community. Retail outlets are expected to begin opening doors in June as soon as the first crops are available, but no retail licenses have been issued as of yet.

Ron Throgmartin, CEO of Diego Pellicer, said his company has applied for three retail licenses in Washington. "But we don't expect those licenses to be issued until sometime in April or May," Pellicer said.

-- Written by Debra Borchardt in New York.