Wednesday, July 13, 2016

California's quest to legalize marijuana in the state

California's quest to legalize marijuana in the state: "California's ballot initiative for recreational cannabis use is modeled after efforts in Washington state and Colorado. The California framework would include infrastructure to legalize, sell and tax cannabis like alcohol. It places a 15 percent tax on retail sales of the drug. If passed, the rollout of the adult-use market would add an estimated $1.4 billion in revenues within the first year of a fully operational cannabis market, according to ArcView.

About 60 percent of likely voters say that, in general, marijuana use should be legal, and 37 percent say it should not be legal, according to survey and data released in May from the Public Policy Institute of California.

"If adult-use legalization passes in November, there's going to be a massive increase to the size of the California market," predicts Troy Dayton, chief executive of The ArcView Group, a research firm that specializes in cannabis. "With the prospect of legalization on the helm, we're looking at the total market for legal cannabis in California to grow from $2.7 billion to $6.6 billion by 2020." Currently, the state holds the lion's share of the $5.7 billion industry."

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