California’s Medical Marijuana Shops Looking To Capitalize Recreational Realm

July 13, 2016
AggregatedNews
California
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In November California voters will have a chance to legalize recreational marijuana — and speculators are licking their lips at the prospect of a green rush in the Golden State. One analysis says California’s legal pot revenues could more than double — from $2.7 billion in 2015 to $6.6 billion in 2020 — if we fully legalize cannabis.

But in the biggest marijuana market in the United States (the city of Los Angeles has more dispensaries than the entire state of Colorado), the industry’s growth could lag, even if recreational weed is passed by voters.

An organization that represents the majority of legit (medical) marijuana shops in L.A. is pushing to cap the city’s number of dispensaries — medical or not — at 135. The organization, the United Cannabis Business Alliance (UCBA), has just filed its initiative language with the L.A. City Attorney’s Office and is aiming for the March ballot. It would allow today’s city-tolerated dispensaries to switch to selling recreational pot. [Read more at LA Weekly]

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