As the state of California is preparing to hold what is debatably the most crucial vote that will be remembered in history throughout the marijuana industry in only 15 months, there seems to more questions than answers.
What will be the process of taxing recreational marijuana? Who is going to control what? Will there be a monolithic agency monitoring all points of the business or will various agencies take over the various points of interest. What will be government led? What, if anything, will be kept private.
And maybe the most crucial what about the cash that is generated. How are the revenues going to worked efficiently? What banks are willing to place their feet out of line from the financial mainstream and start worrying with marijuana shops and various industry accounts, especially with pot currently illegal at a federal standpoint.
The California Marijuana Control, Legalization, and Revenue Act, if it makes it onto the ballot and all signs point to that conclusion it would be put to a vote in November 2016. The Initiative is required to have 365,000 signatures to get on the ballot, and taken from one estimate from ReformCA, 70,000 have currently been obtained.
If the vote is given a green light and passes, California would become the fifth state to legalize the growing and the sale of recreational cannabis. As well as, it would also become the most intriguing marijuana state to do so. California currently has over 1,000 medical marijuana shops attending to more than a million medicine users.
A majority of the bureaucracy needs to be established to control the coming and going off what could be fastest expanding industry within California. To that conclusion, the state Board of Equalization, which deals with taxation and revenue, has made a proposition to provide a state-run bank to work with the fiduciary business.
At this current time, the marijuana industry is a cash only business. Even fees add taxes locally and to the state are financially taken care of with cash only. For standout resins that need to change.
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
