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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

California Attempts to Built up Legal Marijuana Market

As the legal marijuana market continues to grow, the government of California is set to a rather difficult task. They must form the regulations that will govern California’s legal marijuana market.

California joins twenty-six other states, and the District of Columbia, who already have some form of laws surrounding the ever-growing legal marijuana market. Many of these states made marijuana legal and other simply legalized the drug for medicinal or recreational uses.

As of now, California allows adults the age of 21 to possess one ounce of marijuana and own at least six plants in their home. More thorough laws for the recreational use of marijuana in California will be finalized by January 1st of next year.

However, unlike California and the other twenty-six, some states are opposed to the idea of selling legal marijuana in any form. Then there are the states like Nevada who doesn’t allow businesses to use marijuana for public uses unless they obtain a permit to do so.

Legal marijuana currently is estimated to bring in $7 billion. The new industry would bring $1 billion in taxes each year for state and local governments.

Governor Jerry Brown came up with the suggestion of spending $50 million in order to properly organize the collections of taxes as well as issue proper licenses. The money would also go toward the hiring of employees to regulate the growing industry.

However, if the government fails to properly establish these new regulations, the marijuana industry will remain on the black market.


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