Cannabis will be taxed more than tobacco, marketed like wine, funded like the riskiest of start-ups and grown under bank-like security.
That’s the emerging vision of what California’s consumer market for marijuana, expected to be worth $6 billion by 2020, is going to look like after voters on Tuesday approved recreational use of cannabis.
Big money won’t be made overnight — it will take at least a year to roll out a state licensing system that will boost investor confidence in California cannabis.
Acreage limits, federal laws that bar banks from participating in the cannabis economy and block interstate movement of the product, and many local political issues are likely to cause big corporations to stand on the sidelines for a while, according to industry experts.
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