California’s recreational cannabis market will likely boost the state’s economy by around $5 billion, according to a new study from the University of California Agricultural Issues Center.
It seems the Golden State is on the verge of becoming the largest in the nation in terms of marijuana tourism. However, as researchers pointed out in their analysis, it is going to a while before the entire cannabis community is ready to welcome a fully legal system.
About 30 percent of the market is still expected to frequent the black market for various reasons, the report finds.
“It’s going to take some time. While it’s unlikely that everyone will come into the regulated market on Day One, we plan to continue working with stakeholders as we move forward to increase participation over time,” Lori Ajax, director of the state Bureau of Marijuana Control, told the Los Angeles Times.
Despite this apprehensiveness, the report shows that more than 60 percent of the state’s pot buyers will spend their money in the recreational sector.
“We projected that when legally allowed, slightly more than half of the demand currently in the illegal adult-use segment will quickly…