California is the world’s eighth largest economy and the cannabis industry can benefit greatly from the passing of the 2016 ballot initiative.

California has enjoyed legal medical marijuana for almost two decades, giving the state one of the greatest head starts in the industry. States like Colorado, Washington, and Oregon have since legalized recreational use for adults and passed legislation providing for state regulation of the industry.

For the past two decades, California’s medical marijuana market lacked strict, enforceable regulations, allowing for a black-market-mentality to remain prevalent.

In California's race to legitimize recreational marijuana, at least 10 legalization initiatives are vying to appear on the state’s November 2016 ballot. The political pileup could lead to none of the initiatives scoring enough votes to win, or it could result in the opposite conundrum: more than one legalization effort passing, something that Keith Humphreys, a Stanford professor who co-chaired a recent California Blue Ribbon Commission on Marijuana Policy, predicts could become “an ungodly mess.”

Silicon Valley’s technology and venture capital firms are starting to make big bets on legal cannabis. Whether it’s Y Combinator, Tao Capital, or TechCrunch Disrupt, pot is hot. 

More than a thousand CEOs, VCs, founders, and journalists will gather over the weekend of November 20 for the first-ever New West Summit, the cannabis industry’s first conference devoted to tech, money, and media, with a full two-day lineup featuring 20 panels, 60 panelists, and 36 exhibitors.

SACRAMENTO, Calif. (AP) - A ballot initiative spearheaded by tech billionaire Sean Parker that seeks to legalize recreational marijuana use in California was submitted to state officials on Monday.

Although the Adult Use of Marijuana Act is one of at least a dozen marijuana legalization measures vying for a place on the November 2016 ballot, it has received support from key interest and advocacy groups and stands poised to secure significant financial backing.

Here is a look at what it would do if ultimately approved by voters:

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BROADLY SPEAKING

A group backed by billionaire philanthropist Sean Parker released a major, viable new initiative to legalize marijuana in California in 2016.

Called the Control, Regulate, and Tax Adult Use of Marijuana Act — it’s a complete end to cannabis prohibition in California. A seed-to-sale system of commercial regulations would take its place, and lay atop the newly released medical marijuana regulations. Here’s what’s inside the initiative, which was filed by noted environmentalist Michael Sutton and a rare, cannabis-educated Physician Dr. Donald Lyman.

Lt. Gov. Gavin Newsom, who chaired California’s Blue Ribbon Commission on Marijuana Policy, endorsed a just-filed weed legalization measure called the Adult Use of Marijuana Act, which, as The Chronicle reported Sunday, will be funded by billionaire tech industry investor Sean Parker and other wealthy cannabis supporters.

Marijuana law reform efforts have had their share of ups and downs over the decades as so many concerned citizens have put their blood, sweat, tears, time and money to help end failed Drug War policies across the nation. After winning some important decriminalization victories in the 1970s to suffering through the “Just Say No” Reagan years, advocates starting winning important victories in the early 1990s as local medical marijuana measures starting winning in progressive California communities. A monumental turning point was the 1996 victory of Proposition 215 in California.

On Friday, Alejandro Acosta, Jr, 26, Aaron Quintero, 23, Jesus Israelas Carrion Corrales, 51, Gonzalo Ruiz Quezara, 28, Victor Sandoval, 41, and Jose Burgueno Sanchez, 39, entered pleas of no contest to illegally importing 2800 pounds of marijuana into the United States on June 12.

All six men were immediately sentenced and received prison sentences of 2 years.

These charges stem from a multi-agency response to a Panga boat landing near Mill Creek in Big Sur in the early morning of June 12.

The United States Coast Guard first tracked the boat at sea by radar and started a ground response when the boat entered United States waters just after midnight and began a high speed run toward the Big Sur Coast.

For a few months, rumors have been swirling that technology billionaire Sean Parker — who, at 35, is in a "philanthropist" and "political campaign bankroller" phase — wants to use some of his fortune to legalize cannabis in California. 

SAN FRANCISCO – The push to put California among the states where marijuana can be sold to and legally used by adults for recreation took a major step forward on Monday as ballot language backed by Napster co-founder Sean Parker, other wealthy entrepreneurs who support pot legalization and leading advocacy groups was filed with the state.

The proposed legalization initiative is one of more than a dozen that has been submitted in California for the November 2016 election. Because of the deep pockets, political connections and professional credibility of its supporters, however, observers think the so-called Adult Use of Marijuana Act is the vehicle with the greatest chance of success.