California Recreational Marijuana
The November ballot will probably see an important question put forward to the people of the Golden State- should recreational or medical marijuana be legalized? However, while the question is still being debated, the benefits of medical marijuana is for all to see. And it is one reason that investors and business owners are seeing the enormous potential of the marijuana business and how it could potentially shape up California's economy in the near future.
What's Happening?
Business owners and investors are all set to jump into the medical marijuana business as it seems as an extremely profitable industry which infuses more than $2.5 billion annually right into the Californian economy.
According to the chief executive officer of the ArcView Group, Dayton, California is held responsible for 50 percent of the marijuana sales in U.S. It has also been suggested that more than $70 million have been invested by 500 high-net-worth individuals in the cannabis sector alone.
How have other States Fared?
Talking of the economic growth, some surprising sources for the same have surfaced in recent times. These sources would include almond growers, local government officials and inventory-tracking system manufacturers.
Recreational Marijuana in California is expected to benefit the following classes of people. ·
With the land pricing having tripled in Adelanto, The San Bernardino County city of Adelanto is soon expected to become the main area for cultivation of Marijuana. · Conservationists are attacking Central Valley farmers who grow almonds with the latter considering the plan to remove almond trees and plant marijuana instead. ·
Similar to Colorado, California tourism industry is expected to witness a good spike with marijuana becoming legalized and would have a greater financial impact. ·
With retailers and growers having to maintain records on each plant, the sale of inventory-tracking systems is sure to increase. ·
The people who were afraid of marijuana earlier are the ones who are investing in it now. AmeriCann is a company that works on branding and marketing with dispensary owners and also teaches them how to be respectful and kind to patients. Another area where opportunity is sure to grow is in the field of real estate as cultivation would require several warehouses. For instance, warehouses in Denver averaged around $65 a square foot before the marijuana legalization happened. Now, they cost as much as $110 a square foot which is nearly double. The demand for these warehouses have shot up significantly.
The Benefits Are Apparent
With the increase in the pot industry in Colorado, it has been seen that the vacancy rate reduced by almost 50 percent in just 3 years time while the square foot rent pricing of land tripled! Denver too saw a hundred percent increase in square foot rent pricing in less than 3 years.
Legalized pot gives way to opportunities in different sectors such as retail, construction, legal field, accounting, food testing, banking, taxes and licensing fees. Medical marijuana contributes to half of the national market in California. If the recreational use of the same is passed, the centre of gravity will undoubtedly shift within the industry. So, if legalized pot came into California, it would change how people consume pot. It would change how people buy weed. And it would change how the legal world looks at it or how and where you would be able to put marijuana.
The chief financial officer of a company that makes cannabis oil products revealed that their industry’s need is similar to that of a conventional one and helps keep many types of small enterprises alive.
However, one thing is for sure. With not many people getting busted for marijuana use, defense lawyers will have much lesser work than they used to. That's one of the downsides of legalizing the marijuana business but then we are sure none except the defense attorneys would mind this development. With the medical benefits of marijuana becoming more apparent than ever before, the trend was something that would inevitably happen. And California could be just one among the first States in the U.S. to legalize it.
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