California’s Adult Use of Marijuana Act hasn’t been approved by voters yet.
As of today, it hasn’t even been officially approved to go on the November ballot, even though the Attorney General recommended that the coalition supporting the new law turn in their signatures over two weeks ago. The best we’ve heard from the AUMA is that the necessary paperwork will be turned in “soon.”
Nope, we aren’t making that up.
But while Golden State activists famously screwed up the 2008 attempt to legalize recreational marijuana, we remain cautiously optimistic that high-profile supporters like Napster founder Sean Parker and Lt. Gov. Gavin Newsom will get the job done this time around. And plenty of investors are already betting big that the AUMA will pass.
“It’s interesting that while the article touched on the fact that much infrastructure will have to be built to handle large-scale grow facilities in Desert Hot Springs, and the town is repeatedly referred to as ‘dusty,’ there’s no mention of the historic drought currently causing chaos in the across California.”
Right now, the little city of Desert Hot Springs, California is currently experiencing a gold rush-style boom, as deep pockets from around the globe have descended on sleepy little community to grab up land already zoned for commercial marijuana production. As the Los Angeles Times reported today, some local landowners have been able to flip property they purchased just six months ago for more than five times what they paid for it.
For the community leaders of Desert Hot Springs, the potential tax revenue from Big Marijuana is obviously attractive. Marijuana, after all, is already a billion dollar industry in the state, and opening the door for recreational use will likely send the market into the stratosphere. That said, it’s interesting that while the article touched on the fact that much infrastructure will have to be built to handle large-scale facilities, and the town is repeatedly referred to as “dusty,” there’s no mention of the historic drought currently causing chaos in the across California.
What kind of regulatory approach the state will take, and how the drought will factor into it remains to be seen. We do know that at least one group, the Public Policy Institute of California, is pushing for a “restrictive” approach, but that’s non-binding proposal.
There are sure to be many interesting developments in the months before the AUMA—hopefully—becomes law. Stay tuned.
[ via Los Angeles Times ]