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4 Reasons California's Marijuana Growers Surprisingly Oppose Prop 64

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Submitted by Marijuana News on Mon, 10/17/2016 - 09:16

The big day for Californians is less than one month away. On Nov. 8, millions of registered voters will be headed to the polls to decide whether or not Proposition 64, which would legalize recreational marijuana within the state and impose a 15% tax at the retail level on consumers, will pass or fail.

For the cannabis industry there simply is no bigger crown jewel than approval in California, which by itself represents the eighth-largest economy by GDP in the entire world. The legalization of recreational cannabis would likely bring in $1 billion in tax revenue to a state that always seems to be struggling to make ends meet, and it would more than double marijuana sales within the state to a projected $6.46 billion in 2020 from $2.76 billion in medical marijuana sales in 2015, according to cannabis market researcher New Frontier.

Support for the measure seems to be...

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