Katelyn Baker
Well-Known Member
With California readying for a vote on legalizing recreational cannabis or marijuana by November, there is high enthusiasm over the prospects of a money spinning industry opening up. It has charged up many potential entrepreneurs with excitement. California cannabis legalization vote has absolutely energized entrepreneurs' with high expectations on the unfolding cannabis market.
According to Deputy Director Taylor West, the number of Californian companies in the National Cannabis Industry Association has swelled to 330 plus. The companies include those led by cultivators, law firms, laboratories, partnerships, accountants, dispensaries, software developers and insurers.
If the California cannabis legalization vote succeeds, then the recreational use of cannabis would allow adults aged 21 and above to keep at least one ounce of marijuana and cultivate six plants in accordance with the rules on commercial cultivation, manufacture, and sale.
A Reuters report notes that California has all the strengths required for making the cannabis industry thrive. It legalized medical marijuana 20 years ago and its medical marijuana market is one of the largest in the US.
Bonafide legalization of cannabis would also boost tax revenue to the state by $1 billion. If the referendum wins, California would be the fifth US state to allow marijuana for recreational use and join Colorado, Washington, Oregon and Alaska.
Gold Rush
"I don't believe there will be any precedent in the United States that can compare to it except for maybe the Gold Rush," noted Leslie Bocskor, owner of a Nevada-based private equity firm, Electrum Partners that advises and invests in marijuana-related businesses.
Sensing high prospects from the California cannabis legalization referendum, many biggies are ready to stake their whole career on the Cannabis market.
Politician Daniel Conway is one such person who left a lucrative job as chief of staff to Sacramento's mayor Kevin Johnson to start a marijuana investment company.
He is bullish about the $4 billion market. Convay sees a chance of not only building a company but sees the scope in building a whole industry as well.
Despite the optimism on California cannabis legalization vote, there is concern that the resistance from some law enforcement and health care groups which scuttled the 2010 vote may gain an upper hand yet again.
Canada Task Force
Meanwhile, in Canada, the new Prime Minister Justin Trudeau seems to be sticking to his word that marijuana legalization will be approved by the spring of 2017.
In July, the government announced the setting up a Taskforce to guide the government on creating a legal framework for the cannabis industry.
Led by Ann McLellan, a former Deputy Prime Minister, the nine-member panel has several public health professionals, lawyers, and law enforcement officials.
According to Marijuana Times, The team's mandate is to study places where legal marijuana has been successful and report on its commercial prospects. The panel will accept suggestions from the Canadian public regarding adults' access to cannabis and keep children and teens away from it. Canadians can post their views until August 29th.
Jody Wilson-Raybould, Canada's Minister of Justice and Attorney General of Canada said the Task Force has the full expertise, knowledge and credibility to provide thoughtful advice on designing a system that can strictly monitor marijuana production, distribution, and regulated sales.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: California Cannabis Legalization Vote - Entrepreneurs Bracing For Gold Rush
Author: Kalyan Kumar
Contact: FX News Call
Photo Credit: None Found
Website: FX News Call
According to Deputy Director Taylor West, the number of Californian companies in the National Cannabis Industry Association has swelled to 330 plus. The companies include those led by cultivators, law firms, laboratories, partnerships, accountants, dispensaries, software developers and insurers.
If the California cannabis legalization vote succeeds, then the recreational use of cannabis would allow adults aged 21 and above to keep at least one ounce of marijuana and cultivate six plants in accordance with the rules on commercial cultivation, manufacture, and sale.
A Reuters report notes that California has all the strengths required for making the cannabis industry thrive. It legalized medical marijuana 20 years ago and its medical marijuana market is one of the largest in the US.
Bonafide legalization of cannabis would also boost tax revenue to the state by $1 billion. If the referendum wins, California would be the fifth US state to allow marijuana for recreational use and join Colorado, Washington, Oregon and Alaska.
Gold Rush
"I don't believe there will be any precedent in the United States that can compare to it except for maybe the Gold Rush," noted Leslie Bocskor, owner of a Nevada-based private equity firm, Electrum Partners that advises and invests in marijuana-related businesses.
Sensing high prospects from the California cannabis legalization referendum, many biggies are ready to stake their whole career on the Cannabis market.
Politician Daniel Conway is one such person who left a lucrative job as chief of staff to Sacramento's mayor Kevin Johnson to start a marijuana investment company.
He is bullish about the $4 billion market. Convay sees a chance of not only building a company but sees the scope in building a whole industry as well.
Despite the optimism on California cannabis legalization vote, there is concern that the resistance from some law enforcement and health care groups which scuttled the 2010 vote may gain an upper hand yet again.
Canada Task Force
Meanwhile, in Canada, the new Prime Minister Justin Trudeau seems to be sticking to his word that marijuana legalization will be approved by the spring of 2017.
In July, the government announced the setting up a Taskforce to guide the government on creating a legal framework for the cannabis industry.
Led by Ann McLellan, a former Deputy Prime Minister, the nine-member panel has several public health professionals, lawyers, and law enforcement officials.
According to Marijuana Times, The team's mandate is to study places where legal marijuana has been successful and report on its commercial prospects. The panel will accept suggestions from the Canadian public regarding adults' access to cannabis and keep children and teens away from it. Canadians can post their views until August 29th.
Jody Wilson-Raybould, Canada's Minister of Justice and Attorney General of Canada said the Task Force has the full expertise, knowledge and credibility to provide thoughtful advice on designing a system that can strictly monitor marijuana production, distribution, and regulated sales.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: California Cannabis Legalization Vote - Entrepreneurs Bracing For Gold Rush
Author: Kalyan Kumar
Contact: FX News Call
Photo Credit: None Found
Website: FX News Call
