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States Vote Yes to Marijuana! $8 Billion Expected

CANNASaver Blog
Posted by CANNASaver on Thursday, 10 November 2016 in Canna Blog

STATES VOTE YES $8 BILLION EXPECTED

 

Hello, and thank you. It is now time to mark this date in history in yet another forward movement for man kind and conduct happy celebration for the cannabis reception of the century.  Several states now take a position on the pro-cannabis course that's expected to generate at least another $8 billion in cannabis revenues as this ramps up.

 California now joins the union where recreational pot has already been in sales and use; Alaska, Colorado, Oregon, and Washington. California being the top dog obviously due to the large population has approved recreational cannabis and anticipates an estimated annual revenue of $1.4 billion dollars on rec sales alone. Cali already sees an estimated $2.7 billion from legal medical pot sales.

 Nate Bradley, executive director of the California Cannabis Industry Association said, "Proposition 64 will allow California to take its rightful place as the center of cannabis innovation, research and development. We are very excited that citizens of California voted to end the failed policy of marijuana prohibition."

 Chief Ken Corney, president of the California Police Chiefs Association seems a tad bit annoyed as one can assume by his statement, "We are, of course, disappointed that the self-serving moneyed interests behind this marijuana business plan prevailed at the cost of public health, safety, and the wellbeing of our communities.” “We will take a thorough look at the flaws in Proposition 64 that will negatively impact public health and safety, such as the initiative’s substandard advertising restrictions and lack of prosecutorial tools for driving under the influence of marijuana, and begin to develop legislative solutions."  Sort of a buzz kill dude.

abc10 reports that since Proposition 64 passed Tuesday night, adult use of recreational marijuana is now legal in California. People over the age of 21 are now allowed to carry and use up to an ounce of marijuana and grow up to six plants for personal use.

 Marijuana will be legal for commercial sale once businesses receive proper licensing, according to California NORML, a group dedicated to reforming the state's marijuana laws.

 

When can you start to Recreationally smoke?

Technically, you may use marijuana without a medical card starting at midnight November 9, 2016. Restricted areas of use include all public places, according to NORML.

So to recap history, Arkansas, Florida and North Dakota voted in favor of legalized use, sales, and consumption of medical marijuana. California, Massachusetts and Nevada have voted in favor legalized recreational marijuana in each of their states, but Arizona did not pass.

 

What's the financial future?

 A recent study found that in 2015, the  legalization of cannabis infused Colorado with nearly $120 million in new tax revenue. Sales were closing in on  $1 billion and it's been reported that by the year 2020, the U.S. cannabis industry could reach over $22 billion. More revenue, more career opportunities, less stress on society and more sales at the snack counter. Now that's a perfect world!

 

Enjoy the Now~

Mr.D

Last modified on Monday, 05 December 2022
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