As we approach November, all eyes are on California on whether they will be able to pass a recreational marijuana law. If it does, the economy will boom in California and more states will jump on the legalization train. The green rush is real and California sets the bar. All eyes on California.
Here is a quick summary of what to expect in California from a monetary stance:
By the time Californians vote on Proposition 64 in November, millions of dollars will have been spent both by backers and opponents of legal recreational marijuana use in the state. By one count the war chests now total more than $10 million, and the money is heavily tilted toward legalization.
But there’s a third horse in this race. The antipot group Smart Approaches to Marijuana says its political arm, SAM Action, has raised more than $2 million to fight legalization in California and elsewhere this election season.
At stake is a recreational marijuana market that could reach $6.5 billion in annual sales by 2020 and raise $1 billion annually in state taxes. To paraphrase Mark Twain, whiskey’s for drinking, pot is for fighting over.