Cue the "Rocky Mountain High" jokes.
A medical marijuana dispensary in Central City, Colo.—a small gambling town nestled in the mountains near Denver—just became the first business in the United States licensed to sell marijuana to patrons without a note from their doctors.
Erin Phillips, the co-founder of medical marijuana chain Strainwise, announced this week that the Colorado Department of Revenue's marijuana enforcement division accepted the company's application for a recreational marijuana license on Nov. 15. She told CNBC on Friday that industry insiders estimate business can triple with the new license.
"We've done all kind of internal projections," Phillips said on "Squawk on the Street." "It's hard to say since nothing like this has ever happened before."
(Read more: New investors lighting up legal marijuana industry)