The regulation of the marijuana industry in California changed in January of 2017. Proposition 64 allows for recreational marijuana to be legal for consumption. Other states that have legalized recreational marijuana are Alaska, Oregon, Nevada, and Washington. This turn in regulations will be a huge change for the culture for those that live in these states. Now users can partake in getting high without needing a medical marijuana prescription from a doctor. Many of the states in America currently have legalized cannabis and are also working on similar regulations to legalize recreationally.
Due to these new regulations Los Angeles is expected to be the marijuana capital of the world. Denver was the highest in marijuana usage and sale until Proposition 64 in California was passed. All though you’re able to smoke marijuana legally in California, there is no place to legally by cannabis. Users are expected to grow their own until 2018 when retail licenses will be granted for dispensaries.
You can imagine the investors that are looking to open up in recreational markets. This shift has brought many investors into the marijuana industries. They are looking to gain financially from Proposition 64. A big problem for investors is that the federal banking system does not allow for marijuana related income. This is due to the federal drug regulations in which marijuana is still deemed illegal, federally. The state treasurer of California is attempting to address the banking challenges of the cannabis industry. Those looking to venture into this market would need to do so through cash endeavors.
The medical marijuana market in Los Angeles is thought to be near $1 billion. When recreational marijuana sales become legal, this number could easily triple. The city of Los Angeles is expected to have local ordinances. These will be enforced through a commission that regulates recreational marijuana. This will include zoning, licensing, and enforcement of Proposition 64.
The goal of recreational marijuana regulation is to curb the illegal market that has been seen with medical marijuana. Another goal is to raise money for the state with a higher taxation on recreational marijuana. There will be a substantial underground market in 2017, due to the regulation not allowing for dispensaries until 2018.
With our cannabis search engine you can currently browse medical marijuana dispensaries, deliveries, doctors, and legal counsel. If you are seeking access to buy your weed legally, the only way to do so right now in California is to have a current medical marijuana prescription from a doctor in order to go to a dispensary. Proposition 64 allows for recreational users to grow their own marijuana, up to 6 plants without being visible to the public. With the new regulations playing in this year, Los Angeles will soon emerge as the biggest cannabis industry in the world.