California could sell more cannabis than all of Canada…
California has the opportunity to become the global king of cannabis.
Legal sales are expected to reach $3.1 billion this year and skyrocket to $7.2 billion by 2024. When we reach that total, California cannabis sales would eventually represent roughly one in four of all dollars spent on legal U.S. cannabis.
Now, you might have recently read about the California taxation authorities announcing a big increase to already-high taxes effective January 1. We already know that California is a pricey place to operate a business, and the cannabis industry is not immune to that.
However, just like with Proposition 64 legalizing recreational marijuana in California, the voters will once again take matters into their own hands.
Cannabis advocates in the Golden State are feverishly working on getting 623,212 valid signatures for a new initiative to appear on ballots in 2020.
The California Marijuana Legal Regulations Initiative
On November 3, 2020, when California residents head to the polls, they may see Petitions #19-0010 (The California Cannabis Hemp Initiative 2020) and #19-0011 (Cannabis Hemp Heritage Act of 2020) on their ballots.
Currently known as the California Marijuana Legal Regulations Initiative, the proposals in the ballot titles would fix California’s broken system. It would replace massive taxes with a single 10% tax on retail sales. It would regulate the growers and sellers the same way that the state’s wineries and liquor stores are governed.
It would eliminate taxes on medical users and make it easier for doctors to recommend cannabis without a prescription.
On their own, the California legislature would have eventually fixed the cannabis market there – the stakes are just too high not to work on the system.
And of course federal legalization will make California a huge source of cannabis to other states, just as it provides much of our wine and vegetables. But the initiative will improve things much more quickly and simply.
I can’t overstate just how big this initiative will be if it passes. It would instantly put California’s cannabis industry at the front of the world and propel sales even beyond the already-high expectations. And it would serve as a model for other states which have already legalized or which will be legalizing in the next few months.
Our First Annual NICI Retreat brought together the top minds in the industry… and now we’ve got a chance for you to hear what they had to say for yourself. Learn how here.
Despite a few states like Illinois legalizing cannabis through the legislature, it’s always been regular people like you and me taking action at the ballot box that have made safe, legal products available.
And it will be the voters who fix a broken system.
This is the first major “post-legalization” ballot initiative that moves the industry forward.
Election day 2020 could be the most important day in the history of the cannabis industry, and things like the MORE Act show that full cannabis legalization is just on the horizon.
Leading up to the flood gates opening up after November 3, 2020, I want to make sure you are in the best position to profit.
That’s why we released this free guide to share the best short-term profit opportunities and the best long-term profit opportunities in the year ahead.
I’m excited for what’s headed our way, and I hope you have a happy and safe Thanksgiving tomorrow.
I’ll talk to you soon,
Executive Director, National Institute for Cannabis Investors
P.S. The news on California cannabis companies can be conflicting… and with the industry in that state expanding, it’s more important than ever to have the most up-to-date information. That’s where the NICILytics database comes into play. With information on more than 200 cannabis companies – including many California-based companies – it could be the most important investing tool in your arsenal. Learn how to get immediate access now.
7 responses to “Voters Gear Up to Fix California’s Broken System”
November 27 2019