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California Marijuana Law News Update 2016; Sean Parker’s Marijuana Reform Initiative Just Grew Stronger

Push to Legalize Marijuana in the State of California News and Notes Today December 10, 2015:

The push to legalize marijuana just grew stronger in California which is significant considering one of the initiatives there is headed by former Facebook Inc. president Sean Parker.  Sean Parker, tech billionaire, has matched up with other financially endowed investors to lead one of the noteworthy marijuana reform initiatives in the state of California.

Parker’s chances of getting his marijuana reform plans approved just grew stronger when another competing initiative group decided to unify efforts and join Parker’s initiative team.  The general thinking here is that a unified front has a better chance of attracting the votes necessary to win support in 2016.  If the two separate marijuana reform initiatives were to compete on the 2016 ballet, both would likely suffer and lack the necessary votes needed to gain a majority approval.  So through extensive negotiations, the two groups agreed to compromise and join forces.  Many advocates of marijuana reform believed that the push to reform marijuana law on the 2016 ballot in California had a good chance to gain approval.  Now, with a more united front, chances are even better.

Joined Efforts in California Could Better Chance of Marijuana Reform in 2016:

There were concerns that maintaining rival initiatives into 2016 might doom them both, so a compromise has been in the works for weeks.  Parker’s marijuana reform initiative was modified to include greater protection for children, workers, and small businesses.  For instance, amendments was added that would ban marketing to minors and require marijuana products to include very specific warnings.  Additionally, the amendments to Parker’s initiative make it more clear who can sell marijuana and where it can be sold.  The push to get this initiative passed is significant, and the end result for the state’s pocket book could be significant as well.

California Stands to Make Millions in Tax Revenue:

Currently, there are 23 states that have approved state laws supporting medical marijuana.  4 states have also approved the recreational use of marijuana.  Despite marijuana still being federally prohibited, the individual state approvals have helped the marijuana industry grow into a billion dollar industry.  Projections are even more positive for this year versus 2014.  Right now, the biggest marketplace for medical marijuana is California, and so it is not hard to project that California might also be a significant marketplace for legalized marijuana.  According to stats from IBIS World, legalized marijuana is expected to bring in approximately $3.6 billion in revenue in 2015.  California may be the next state to legalize marijuana and gain a larger market share of this budding industry.

 

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