Marijuana in Los Angeles with respect to Legalization and Regulation

Marijuana as an industry and as a culture has taken a swift turn with this New Year. Many of the states in America have legalized cannabis now rests of them are in favor of legalizing it. To support the air of approval, California gave approval for the recreational marijuana in the form of Proposition 64 and this year is expected to see more of the similar approvals.

Considering the current situation and the voices that are being raised in favor of marijuana, it is expected that Los Angeles will be the world’s next marijuana capital. Just like the Silicon Valley that has the tech industry and the financial industry that has Wall Street, Los Angeles will soon emerge as the biggest cannabis industry. Denver, who was on the top of cannabis usage and sale will now have to shift aside and give the place to Los Angeles which was undermined for a long time.

The investors have been observing the shift for some time now, and the local ventures of the capital are getting overwhelmed by the funds provided by them. Recently, a working group has been launched by the state treasurer of California to address the banking challenges faced by the cannabis industry. In the coming few days, the bigger news is expected from the capital.

Some recent and close estimation reveals that the medical cannabis of the Los Angeles market is near to $1 billion. That makes it top the whole recreational market of Colorado, but the unfortunate thing is that the greater part of that business is run by illegal market in the present era. However, with the arrival of 2017, better changes are expected in this respect as well. It is expected that the city might pass a new decree to pave the way to legalized cannabis and appropriate licensing programs, giving rise to a developed recreational market.

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The new regulation will be appraised and approved by the neighboring cities as well, and they will start their program s that will make way for improved lab facilities and cultivation and production of the marijuana.