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Recreational marijuana hits stores in California to bring $7 billion

Staff Writer | January 2, 2018
It is now legal to buy marijuana for recreational use in California.
Recreational marijuana
Smoking   Bureau of Cannabis Control
Voters approved Proposition 64 last year, which made marijuana legal in the United States' most populous state.

The state Bureau of Cannabis Control so far has awarded retail licenses to 42 dispensarie. Medical-use marijuana is already legal in California.

California's recreational pot market is expected to reacd $7 billion annually by 2020, according to a report in the Los Angeles Times.

Governments, naturally, will get a cut of the revenue. The substance is heavily taxed at up 45 percent - including a 15 percent state excise tax, a 7.5 percent sales tax and local taxes.


 

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