The Expectations Of The Legal Cannabis Market After Elections

MAINE: In California, Massachusetts, Nevada and Maine, voters decided that recreational cannabis use is now legal. Now as for Arizona, it was the only state that rejected the proposal. Making it four of the five states, where the proposal of legalization of cannabis for recreational use were approved. Companies in this sector profiting from the growing demand, views this as a highly positive development for the legal cannabis industry, as it may bring billions of dollars to the industry and to the states themselves.

District of Columbia, along with other 8 states now recognizes recreational marijuana use as a legal practice for adults. Arkansas, Florida, Montana and North Dakota assed ballot measures legalizing medical marijuana use only.  California is of course the most populated state and the largest market for cannabis. California Lt. Gov. and former San Francisco Mayor Gavin Newsom, said the proposition could generate up to $1 billion a year in tax revenue, as well as $100 million in saved taxpayer money on an annual basis.

A Former Facebook Exec Just Got A Big Boost In His Effort To Legalize Marijuana In California

CALIFORNIA: Efforts to legalize marijuana in California got a boost this week after competing ballot measures joined forces behind the stronger of the two, backed by billionaire Sean Parker, a former president of Facebook.

The initiative has the support of Democratic Lieutenant Governor Gavin Newsom and the Coalition for Cannabis Policy Reform.

Coalition board member Antonio Gonzalez, who is also president of the Latino Voters League, said the coalition withdrew its rival initiative after Parker’s measure was modified to protect children, workers and small businesses.

 

Gavin Newsom: California Is The ‘Worst Of All Worlds’ When It Comes To Marijuana

CALIFORNIA:  California has the oldest and largest legal marijuana market in the country, bringing in $1.3 billion a year. It’s also the least regulated, allowing for local governments to enforce their own rules at their whims and a thriving underground industry to smuggle the product to other states en masse.

That’s why Lieutenant Governor Gavin Newsom (D), who recently announced his candidacy for governor in 2018, says it’s essential to begin publicly exploring the issue before a full-scale legalization measure likely shows up on the state ballot next year. On Thursday, a commission helmed by Newsom that’s been researching recreational marijuana in California for the past year and a half released its first progress reportand announced it will begin seeking feedback from the community.

“California has a very mature marijuana industry and it’s just not regulated,” Newsom told The Huffington Post by phone after the report was released. “We’re the worst of all worlds. This report bears out the fact that we haven’t answered a lot of questions.”

California in 1996 became the first state to legalize medical cannabis. In 2010, voters narrowly rejected the country’s first recreational marijuana measure. Since then, four states and the District of Columbia have legalized recreational pot, and a poll released this week shows 55 percent of Californians support full-scale legalization in their state.