Do you know that California is the world’s sixth largest economy? If you see what that means, it implies that the economy of a single US state is competing with the economies of the entire countries and commanding a prestigious sixth rank
Now with marijuana becoming fully legal for recreational use, this rank only has the potential to surge ahead. Though the residents and visitors can legally consume marijuana since California’s Proposition 64 was passed on November 8 last year, the retail sales are due to start from January 1, 2018.
As there are only two months left for this deadline, the sale of marijuana is on the rise in California. A market research report by New Frontier Data and ArcView Market Research suggests that the state is looking forward to an additional $1.5 billion flooding into the economy through this legal marijuana market. This number will only go northwards touching a figure of $3 and $4 billion in 2019 and 2020 respectively. And, these figures are just from the recreational sales. The medical sales of marijuana that are already happening are additional.
As the regulations for both the production and the sale of recreational cannabis for adult-use needs to be in place by end of this year, the state officials are on a tight schedule.
Recreational marijuana sales will be getting launched in three US states next year. These are California, Massachusetts, and Maine. California, being the biggest state both in terms of its population and the size of its agricultural base, the scope of the rollout is also huge. The officials need to make sure that all legal and regulatory frameworks are in place for the manufacturing, cultivation, testing, distribution and of course sales.
With only a little over two and a half months left for the retail sales to open, dispensaries like Green Alternative are building up their stocks. At present, they only sell it for medical purposes and on an average, their sale figures are of two to four pounds per day. Now, with the recreational usage coming into the picture from 1st of January, they anticipate that this demand will go up at least three to four times. Thus, they are gearing up to meet the demand of their non-medical customers, which is leading to the rise of marijuana selling.
