Governors Signs Bills to Regulate Marijuana Industry in the State of California:
No longer will the business of marijuana dwell in a realm of subjectivity and ambiguity in the state of California. California was the first state to legalize medical marijuana, and now almost two decades later, the state is pushing reform. The cannabis business in California stepped forward when Governor Brown signed several bills into law this month that help to regulate the cannabis industry. These bills are considered acts of regulation and thus give the industry a stronger foothold in the state, and ultimately help to push forward pro-marijuana agendas across the country. Other policy makers in other states will review this action and refer to it as a model when deciding upon regulatory law in their own state. Together, these three bills comprise the California Medical Marijuana Regulation and Safety Act, or MMRSA. The three bills that make up the California Medical Marijuana Regulation Safety Act include; Assembly Bill 266, Assembly Bill 243 and Assembly Bill 643. It is a historic group of legislation that will go a long way towards building the marijuana industry in the state of California.
Medical Marijuana Regulation Safety Act in California Basics:
The MMSRA will work to regulate the process of growing and selling medical marijuana throughout the state of California. It will also provide additional oversight for the selling of marijuana infused products. So, starting in January of 2018, every person or company involved in the process of growing or selling medical marijuana will be required to have a local operating permit as well as a state license that must be renewed once per year. The license that a person or company must obtain will be obtained via an application process which will be processed and evaluated by the new Bureau of Marijuana Regulation which will reside within the Department of Consumer Affairs. Additional authority to review and license indoor and outdoor growers will reside with the Department of Food and Agriculture.
How will the new regulations Affect the Business of Marijuana in the State of California:
Well, it is not a guarantee, but the fact that the government is moving to regulate the industry further is a positive sign for some in the business. State regulations are another step towards making the business legitimate and building a foundation that will last for an extended period. The fact that the state wants to formalize the process of tracking and accepting tax revenues implies that the business has been profitable and could serve the state well. It is likely that the state believes the marijuana boom will continue over the next handful of years and possibly even longer.