California Marijuana Legalization 2015: New Medical Marijuana Law Rankles Top Cannabis Industry Investor

Legislators finally reached a compromise on three bills, which have been sent for final approval to Gov. Jerry Brown, who is expected to sign them into law.

CALIFORNIA: California lawmakers quietly passed Friday the state’s most significant medical-marijuana legislation in almost two decades, but some leaders in the space worry that the law’s good intentions could get lost in the weeds. Paving the way for what supporters say is a much-needed regulatory framework for the state’s multibillion-dollar medical-cannabis industry, the California Senate and Assembly voted to approve the historic Medical Marijuana Regulation and Safety Act, which will require licenses for cannabis dispensaries and create a new state agency to oversee the industry.

Although California residents voted to approve medical marijuana back in 1996, a regulatory plan has until now eluded policymakers, who could not seem to agree on specifics. Legislators finally reached a compromise on three bills, which have been sent for final approval to Gov. Jerry Brown, who is expected to sign them into law. The legislation was approved as part of a comprehensive package pushed through on the final day of the 2015 session.

Despite the historic achievement, some leaders in the field expressed concerns about the implications of regulating an industry that has been unregulated for so long. Steve DeAngelo, co-founder of the ArcView Group, mammoth marijuana-investment firm, and the Harborside Health Center, a nonprofit dispensary in the state, said in a statement Saturday that the time pressures made it impossible for state legislators to adequately consider the impact the new law will have on patients who depend on medical cannabis.

Read full article @ IB Times

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