Perhaps it is too early to say, but people know which way the marijuana winds blow in California with 60% opting in favor. After the November 6 presidential elections, 5 states, including California will decide about full marijuana legalization, November 8 being the fateful date for the marijuana vote.
America and the world dream marijuana nowadays with the villain’s role that lasted many decades since 1937 a thing of the past. Marijuana is the new hero that cures or manages a dozen medical conditions and more. Money often does the talking and marijuana brings in millions certainly and probably billions in the future. A harmless drug that is not psychotic, not addictive or violence engendering. Rather, after taking marijuana, the result is a euphoric somnolent trance that often ends in sleep and sweet dreams.
California is no ordinary American state either! The state economy alone with an output of $2.46 trillion in 2015 surpasses every nation except five, globally. Only America as a whole, UK, China, Japan and Germany have bigger economies. That makes California truly superb and the mighty cannabis promises to run wild and free with recreationists joining the ranks of the already existing medical marijuana fraternity. Cannabis induced fantasies should be touching the sky and beyond! Colorado, Oregon and Washington have already said a complete ‘yes’ to the marijuana syndrome and are presumably flying high too.
Who stands to gain from the possible complete marijuana legalization in California?
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Adding to the already existing billions, if Proposition 64 is passed, and sales commence in beginning 2018, a further $1.5 billion is adding up.
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According to research, additionally, $3 billion would be created in 2019 and $4 billion a year later.
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Medical marijuana is already booming and the total marijuana market would reach $4.27 billion in 2018 and may touch $6.45 billion in 2020.
California State would earn millions of dollars and perhaps a billion annually through taxes levied on marijuana. How would that work? Proposition 64 includes two kinds of taxes upon legal marijuana. The first is cultivation tax amounting to $9.25/oz. for flowers (buds) and $2.75/oz. for leaves, referring to the parts of the plant used to manufacture THC products. The second tax is levied upon the retail price and stands at 15%. Further, local governments may impose more taxes, though they could offer benefits as incentives to encourage the industry.
