Californian voters recently passed Proposition 64. This allows for legalizing recreational marijuana in the state. The law opens up lots of opportunity for residents and investors. This law has a few flaws that will make it confusing for those that are analyzing it in order to understand what Prop 64 truly means. California followed a few other states that had all ready approved recreational marijuana. This includes Alaska, Nevada, Colorado, Oregon, and Washington.
According to Prop 64, an individual above 21 years of age is allowed to grow 28.5 grams. This is up to one ounce of marijuana. The resident who wants to grow their own marijuana will have a few restrictions. They are allowed to grow 6 plants. These plants should not be located visible to the public. In 2018, there will be commercial licenses for those that want to grow more than 6 plants. For those that want to buy recreational marijuana without growing it they will have to wait till next year, to legally partake.
The biggest and most confusing part about Prop 64 is accessing your marijuana legally in 2017. The projected date for dispensary license will happen sometime in early 2018. This leaves a lot of people asking where they should attain their marijuana from. Your only 2 options are to grow your own or get a medical marijuana prescription in order to attain your weed through a dispensary. In 1996 when medical marijuana was approved, patients also faced the same problem in the first year. Once the state issued licenses to retailers the following year, the market boomed.
Proposition 64, does not allow for the public consumption of weed. Individuals would need to smoke their green in private. This can be punishable through criminal arrest. Other limits that are punishable by arrest are having an amount larger than an ounce of weed. The safest way to consume cannabis is in a private residence. It is also up to the employer whether to allow for those to consume marijuana in the work place. There have been serious concerns raised with those that have children as to the influence it will have on young kids.
San Francisco is a big market for recreational marijuana. The legalization of recreational marijuana will have a positive influence on the value of real estate. Recreational marijuana is generally stored in commercial buildings. All though Prop 64 allows for recreational marijuana sales in the future it will still be up to the property owner, whether they will take part in the recreational marijuana market. There is a lot of financial incentive as well as risk in Prop 64 since marijuana is still federally illegal. The banking systems are also controlled by federal regulations so any marijuana sales are deemed illegal and can be reported and seized by the federal government. In order to achieve success there will need to be a committee of experts, who can build the framework for recreational marijuana regulations.