There is great news for marijuana businesses based in Los Angeles. Earlier, the county voted against developing weed businesses. Moreover, it has had a ban on medicinal cannabis location for years. However, in a few months, Los Angeles is likely to become a number one spot for cannabis entrepreneurs.
A new cannabis-related measure, known as Measure M, was recently passed by a landslide vote. An incredible 79 percent of the City Council members voted for the new law, making Los Angeles the biggest regulated marijuana market in the U.S. The new measure would authorize licensed recreational weed shops under the new Proposition 64 recreational laws.
According to Proposition D, the priority in obtaining a license will be given to dispensaries that already operate in accordance with the county’s medical cannabis laws. Right now, 135 Los Angeles-based dispensaries meet the requirements of Proposition D. These retail spots are likely to become top real estate as weed businesses are starting the licensing process to transform to legal cannabis shops.
Both the city authorities and the businesses will now have plenty of work to do to meet the statewide licensing deadline of Jan. 1, 2018. Moreover, the process is complicated by the fact that many dispensaries failed to meet the original Prop D requirements.
Currently, there are more than 1,700 dispensaries in the Los Angeles area. Many of them are now trying to be compliant with the California marijuana laws.
However, the city may face some difficulties with integrating these businesses into the booming recreational marijuana economy. To deal with the most common issues, Los Angeles may use the experience of Washington state in combining medical and recreational cannabis programs and giving licenses to a limited amount of dispensaries using a lottery.
Although the city’s authorities have now plenty of matters to work on, developing the cannabis business in Los Angeles will definitely provide numerous benefits for both entrepreneurs and the county.