What Legalization of Cannabis in California Means to the Rest of the World

[yuiyoshida]

by Ontaria Woods

In the November election, there will be a total of nine states voting to legalize cannabis for recreational or medical use. However, with California having the largest economy in the U.S., and ranked sixth largest economy in the world in 2015, Proposition 64 will have the greatest influence on the cannabis industry thus far.

With polls showing an almost 60 percent passing rate, Proposition 64 will allow persons over the age of 21-years-old to use marijuana for recreational use under state law, and sales and cultivation taxes will be established.

The California economy will “put pressure on the government to reclassify or deschedule the drug to help ‘cannabusinesses’ better conduct their operations with more access to banking services,” said Jessica Rabe, a research associate at Convergex, a global brokerage company based in New York.

Local governments could tax even more.

According to Daniel Yi, Director of Communication at MedMen, a leading cannabis firm based in Los Angeles, “In California, passage of Proposition 64 could add $8.38 billion in annual sales to an already robust medical market worth an estimated $2.83 billion.” Legal marijuana is already estimated as a $7 billion dollar industry in the U.S.

Citing Federal law, U.S. banks have refrained from business deals with pot establishments even though in 2014, the U.S. Treasury Department allowed banks to offer accounts and other with under certain guidelines.

http://precisecannabis.com/Post/What-Legalization-of-Cannabis-in-California-Means-to-the-Rest-of-the-World

[JuJuYoshida]

1. It means the WORLD to someone like me!

I suffer from essential tremor and weed has been a godsend. No more excessive shaking, no embarrassing moments in public when I can't hold a glass or type my PIN number at the grocery store! It should've been legal a LOMG time ago. Thank you voters of California!


if you want to know about what I have, please take 5 minutes to watch this video, thanks cool peeps!

[Canoe52]

5. I think your post deserves it's own thread.

Thank you for the info!

[BigmanPigman]

2. There's already an over 8% tax on it is the city of San Diego

Meanwhile the dispensaries have to handle large amounts of cash and transfer it which is very dangerous. I wish the government would just legalize it federally and they would make a ton (like they do from alcohol which is far more serious in many ways).

[Alice11111]

3. Of course, but Sessions is taking us back to the Reagan era.

At least, he will try. I think there is so much demand and so much money involved, he is just going to have one more big losing, drawn out battle for the DT administration.

[Warren DeMontague]

4. Yes, the feds need to get their shit together.

But legalization works. Once California actually gets up and running I think that will be apparent, although in many (but not all) ways it's been defacto gray area legal for a long time down there.