Marijuana-stocks-california repbublic

Marijuana becomes a hot topic around Los Angeles since new rules were just approved to regulate recreational use of the herb around in the state. The regulations will take action in January and they require that establishments with a medical marijuana license update their license according to the new legislation.

The medical marijuana business provided the state with $21 million in taxes and with the implementation of the recreational license the state expects to double the tax revenue. The new rule requires that both users and providers acquire licenses for the use of the product. The license has the purpose of provide the state with the correct amount of users and the projection of the industry.

In addition to the new regulation, there are several problems that might arouse with the recreational use. The initial focus of the state is to take care of taxes, selling price and other legal requirements. Furthermore, they plan to regulate more general issues such as areas that smoking will be allowed.

The state laws do not allow people to smoke in common areas such as beaches and bars, which makes it challenging for some tourists. In order to address that concern, California can follow Colorado’s example – which obtained success through the marijuana business – and establish private “smoking clubs” among other places where people could go. Besides Colorado, Washington, Maine, Nevada, Massachusetts, Oregon and Alaska have already legalized recreational marijuana, all states present extremely high revenues in the industry.

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