California could sell more cannabis than all of Canada…
California has the opportunity to become the global king of cannabis.
Legal sales are expected to reach $3.1 billion this year and skyrocket to $7.2 billion by 2024. When we reach that total, California cannabis sales would eventually represent roughly one in four of all dollars spent on legal U.S. cannabis.
Now, you might have recently read about the California taxation authorities announcing a big increase to already-high taxes effective January 1. We already know that California is a pricey place to operate a business, and the cannabis industry is not immune to that.
However, just like with Proposition 64 legalizing recreational marijuana in California, the voters will once again take matters into their own hands.
Cannabis advocates in the Golden State are feverishly working on getting 623,212 valid signatures for a new initiative to appear on ballots in 2020.
Today, I’m going to show you how this ballot measure will propel California to a milestone of $7.2 billion in sales…
The California Marijuana Legal Regulations Initiative
On November 3, 2020, when California residents head to the polls, they may see Petitions #19-0010 (The California Cannabis Hemp Initiative 2020) and #19-0011 (Cannabis Hemp Heritage Act of 2020) on their ballots.
Currently known as the California Marijuana Legal Regulations Initiative, the proposals in the ballot titles would fix California’s broken system. It would replace massive taxes with a single 10% tax on retail sales. It would regulate the growers and sellers the same way that the state’s wineries and liquor stores are governed.
It would eliminate taxes on medical users and make it easier for doctors to recommend cannabis without a prescription.
On their own, the California legislature would have eventually fixed the cannabis market there – the stakes are just too high not to work on the system.
And of course federal legalization will make California a huge source of cannabis to other states, just as it provides much of our wine and vegetables. But the initiative will improve things much more quickly and simply.
Published November 27, 2019
by Greg Miller Executive Director, NICI