Despite numerous substantial fits and starts, California’s legal cannabis market is still an a growth trajectory. In fact, it’s anticipated that within the next five years, California sales of the crop will account for almost one-quarter of the legal marijuana sold in the country. That’s according to a new analysis by ArcView Market Research and BDS Analytics.
Voters in the Golden State agreed to legalize recreational marijuana use three years ago, and sales officially became legal at the start of last year. Prior to that, only sales for prescribed medicinal use was allowed. Although there was a great deal of anticipation about how legalization would unfold, our Los Angeles marijuana business lawyers know the transition to a legal market was rocky at best.
Despite troubles with the black market and untested regulatory rules (including rigid new testing mandates, heavy taxation and licensing that moves at a snail’s pace in some jurisdictions), the current market size is $2.5 billion, according to the analysis. Continue reading