On the same day Donald Trump was elected president, California voters elected to allow for the recreational use of marijuana. The state of California already has a medical marijuana program in place with hundreds of dispensaries functioning throughout the state. Soon there will be recreational dispensaries selling marijuana to any adult over the age of 21.
Typically, it takes states almost a year to establish the regulations required to run a recreational marijuana industry. Dispensaries are working on adding a new recreational clientele and growers are crossing hurdles over legalization and licensing requirements.
This means dispensaries looking to sell to recreational customers are stock piling their products to ensure there is no shortage for their medical customers. This is only one of the many obstacles that the marijuana businesses are having to overcome. Other hurdles include licensing, zoning and taxation issues on a local level as well.
On a larger scale, California is expecting to make more than $2.67 billion dollars on medical marijuana this year. When the state adds recreational sales to the market the numbers increase dramatically to an estimated $3.8 billion dollars in 2018 and an estimated $6.6 billion dollars in 2025 according to projections.
All of these obstacles and the state must still navigate through the tricky legal process of running a federally illegal business. This leads to many issues including, but not limited to, banking and transaction problems.
Despite these difficulties, many dispensaries and operators are optimistic about the upcoming statewide legalization. Once legalized, the entire west coast of the United States will be recreational retail friendly, something that has never been accomplished before.
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