“California is the cannabis market that is going to catapult the industry forward if they legalize adult use in November,” said Giadha DeCarcer, founder and CEO of New Frontier.
“It is the largest and most influential state in the cannabis industry in terms of production, consumption, and cultural influence. The legalization of adult use in California will have far-reaching effects, both within the state and nationally,” DeCarcer said.“California is the sixth largest economy in the world,” said Troy Dayton, CEO of The Arcview Group.“The opportunity for jobs, tax money and wealth creation made possible by California ending marijuana prohibition cannot be overstated.”
While the smell of money is definitely in the air and excitement is very, well, high, there are a couple of flies in the medicated ointment. Chief among them is the concern that many of the artisanal, mom-and-pop medicinal cannabis businesses which have flourished under Prop 215, California’s medical marijuana law, would be subsumed under a tidal wave of corporate cash and the attendant Byzantine labyrinth of over-regulation which is almost certain to happen under an equally cash-crazed California Legislature. (You can bet that when they start “regulating” the hell out of the new industry, their votes will be influenced by corporate cash, and their rules will favor the big money.)
In November 2016, California residents will get the chance to vote on Proposition 64, otherwise referred to as the Adult Use of Marijuana Act (AUMA). Proposition 64 would allow the possession, sales, use, and cultivation of marijuana for adult use for those 21 years and older. (This will be the second time California has voted on adult use legalization, with Proposition 19 being voted down with a 54 percent No – 46 percentYes vote in 2010).
The passage of AUMA would be the second major reform of California’s cannabis laws in recent years. In October 2015, the state passed the Medical Cannabis Regulation Safety Act (MCRSA,) which bringing the most sweeping changes to the state’s medical cannabis program in its 20-year history.
“By passing new rules on licensing, and business operational requirements, MCRSA will increase transparency and reduce risks for business owners and investors who have struggled with the ambiguity of the original law,” according to New Frontier.