California is on the verge of creating a legal market for marijuana worth more than $5 billion that will help make the state a destination for pot-loving tourists, according to a new state-sponsored economic study.

But about 29% of all cannabis consumers may stay in the illegal market at first to avoid the cost of new regulations requiring the pot to be tested, tracked and taxed at 15% of its retail value, according to the study by the University of California Agricultural Issues Center.

State officials developing the regulations hope to gradually persuade the vast majority of cannabis users to go through the legal market, said Lori Ajax, director of the state Bureau of Marijuana Control, which hired the center to look at the economic impact of the new rules. 

Click here to read the complete article

Patrick McGreevy ~ LATimes.com ~

Recent News Articles

Friday June 21

Congress Votes To Block Feds From Enforcing Marijuana Laws In Legal States - Cannabis News

in Politics

by Bruce Kennedy - Editor in Chief

The House of Representatives approved a far-reaching measure on Thursday to prevent the Department of…

283 hits

Friday June 21

57% of Arthritis Patients Have Tried Cannabis. 90% Found It Helped - Cannabis News

in Medical News

by Bruce Kennedy - Editor in Chief

A new survey of more than 1,000 arthritis patients found that 57% of those questioned…

412 hits

Friday June 21

New York state decriminalizes marijuana after legalization fails - Cannabis News

in Law & Crime

by Bruce Kennedy - Editor in Chief

Efforts to legalize marijuana in New York state have failed, so lawmakers did the next…

335 hits

Friday June 21

Report: How Legal Cannabis Affects U.S. Snacking Industry - Cannabis News

in Finance

by Bruce Kennedy - Editor in Chief

Shifting cannabis laws present new opportunities for food and beverage markets.

359 hits

Monday June 24

Could CBD Fight Superbugs? Marijuana Compound Shows Promise As an Antibiotic - Cannabis News

in Medical News

by Bruce Kennedy - Editor in Chief

The quest for new antibiotics has led researchers to a surprising candidate: the marijuana compound…

256 hits