On Thursday, the state issued its first group of business licenses to transport and sell recreational-use marijuana only 18 days prior to the kickoff of legal sales January 1. Torrey Holistics has just received the first temporary license from the Bureau of Cannabis Control (BCC).
The key factors driving the growth of the marijuana/cannabis market are technological advancement, premium pricing due to high energy consumption in marijuana production, changing peoples attitude toward marijuana use and growing business opportunities, increasing business sophistication, large base of potential cannabis consumers, medical cannabis on the rise, increasing licensed producers and the growth of the vaporizer industry.
The release of the initial 20 temporary licenses, good for 120 days, represents another steppingstone toward legal purchases, which were approved by voters past year. He sees recreational marijuana taking off like the wine and craft beer industries.
“The taboo part is slowly going to be removed and this is going to be like any other business”, Hall said. The state’s cannabis laws state that adults 21 and older will be allowed to grow up to six marijuana plants and to carry up to an ounce. The route a year ago to legalization started when voters gave their approval to Proposition 64 that opened the door for recreational marijuana sales to adults in the most populous USA state, home to one in every eight Americans.
Businesses expect it is likely to take an extended period of time prior to the society adjusting to the legality of marijuana. Come January, the newly legalized recreational sales will be merged with the state’s two-decade-old medical marijuana market, which is also coming under much stronger regulation. Many cities and counties across the state are debating localized rules and regulations. To date, more than 1,900 users have registered with the online system, and more than 200 applications have been submitted.
Primary sources are mainly industry experts from core and related industries and suppliers, manufacturers, distributors, service providers, and organizations related to all segments of the industry’s supply chain. In the background is widespread uncertainty about whether President Donald Trump’s administration will attempt to intervene in states where marijuana is legal.