Recently, California announced that the issue of recreational marijuana was going to be voted for in the fall. Nobody knows whether or not California is really going to decide to legalize recreational cannabis in November, however, political operative and dad Daniel Conway has already put his entire future on it. Conway decided to quit his job. He used to be the chief of staff to Sacramento’s celebrity mayor, former Phoenix Suns NBA basketball star Kevin Johnson. He wishes to help begin the cannabis investment company ‘Truth Enterprises.’ But he is not the only one to do this. Conway is just one of hundreds putting their money into an industry that experts say will be worth at least $4 billion within the next four years.
“I’m someone of an age and of a demographic that sees the legalization and normalization of marijuana as inevitable,” said Conway. “This was a chance not just to build companies but to build an industry.”
Of the states with the largest populations, with just about forty million people, and a medical marijuana industry that has been alive and well for about two decades, California already has the biggest legal cannabis market. The legalization of recreational marijuana would make about $1 billion in taxes annually. If voters in November decide to pass a bill to legalize and tax cannabis that made it onto the ballot last Tuesday, California would be the fifth U.S. state, and definitely the largest, to allow cannabis for recreational use. This would be a result joining Colorado, Washington, Oregon and Alaska, as well as the District of Columbia.
“I don’t believe there will be any precedent in the United States that can compare to it except for maybe the Gold Rush,” Leslie Bocskor, whose Nevada-based private equity firm, Electrum Partners, advises and invests in marijuana-related businesses, said.
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