While there is still so much work to be done nationally and on a federal level, legal cannabis started without a glitch in California. Moreover, Mike Tyson and his team broke ground in California City, CA, launching his first cannabis investment.
Legal Cannabis Lures the Champ
Money is an aphrodisiac to many, but legally making boatloads of it is alchemy. Not even one of the most successful boxing champs of all time could resist the allure of “Mary Jane.” This promise of big money is what legal cannabis is offering investors like Mike Tyson. Especially in an economy that is the 6th largest in the world if it stood on its own.
Mike has named it Tyson’s Ranch, but it is more like a resort for cannabis tourists. According to The Blast, cultivation will make up 20% of the use of the land, while the rest is divided into an edible manufacturing facility, an amphitheater, and glamping (a fancy-type of camping). Tyson is not the only celebrity to seek fortunes from legal cannabis. Wiz Khalifa and Tommy Chong (from Cheech and Chong) are established names in the business, among many others.
California’s legal cannabis adventure is sure to encourage other states that are on the fence about legalizing marijuana. However, once they see that cannabis can be successfully regulated and taxed like alcohol for adults 21 and over, then they will soon follow. Let’s hope the feds follow suit without too much of a fight. Nonetheless, we remain optimistic.
Special California WeedUpdate
California – Everyone is talking about California’s experiment with legal cannabis. And being one of the world’s largest economies, governments will be watching very closely how things progress. More particularly, the Teamsters have set their eyes on the labor force that will drive the cultivation, manufacturing and distribution of legal cannabis. They wish to represent these workers and protect their interests against employers and law enforcement.
An ongoing issue in marijuana legalization is the rift between federal and state laws. For example, there are 8 different federal border stops bordering California with the mission of protecting Americans. However, The feds have been busy stopping individuals with as little as a “thumbprint” of weed in their vehicles. Either the news is over-exaggerated, or the feds are wasting time and resources harassing Americans instead of protecting them. The plant is legal in California, so why waste time and resources on this matter?
Many have reported on what cities in California are ready for recreational marijuana customers. Surprisingly, both Los Angeles and San Francisco (LA are accepting applications today) were not quite ready, but San Diego, San Jose and West Hollywood are.
Finally, the California DMV released laws that make it illegal to smoke marijuana while driving or being a passenger of a motor vehicle. This probably marks one of the first times that government acted proactively instead of reactively when faced with a new market.
WeedUpdate from Across the Country
Kentucky – U.S. Representative, James Comer, met with constituents that voiced their support for legal cannabis. His week-long endeavor brought him closer to the needs of his voters, which always guarantees success. If you are in Kentucky and want to voice your support for marijuana, click here.
New Jersey – A new report says that legal weed could bring up to $1 billion in tax revenue during the first year of operation in New Jersey. A senate bill has also been introduced to introduce regulating and taxing marijuana like alcohol to the Garden State. Also, just to add a little drama, Point Pleasant Beach just voted on a complete ban on recreational and medicinal marijuana.
New Mexico – The road to marijuana legalization has not been easy in New Mexico, but there is now a renewed effort that seeks to succeed finally. Lawmakers feel that this may be the year that legal cannabis succeeds in the legislature.
Ohio – Some excellent sound policy might be coming to Ohio regarding legal cannabis. According to the Columbus Dispatch
“Given legalization’s broad support and compelling benefits, there is a good chance they will succeed. The good news is that the proposed measure is not terrible policy. It allows personal use by adults, but licenses and taxes sales, protects the rights of employers and property owners, and prohibits public consumption and commercial activity near children and churches.”
Rhode Island – Sometimes big government and deficits can be a good thing for personal freedoms. For instance, Rhode Island is considering regulating and taxing marijuana to help with the deficit in the state budget.