The Cannabis Economy
Last November, California voters approved Prop. 64, legalizing the recreational usage of marijuana. In a state with a population of 38 million people, California could soon become the largest legal marijuana economy in the nation. The industry has a projected value of $7 billion, with the local government potentially collecting up to $1 billion a year in taxes.
Though 28 states now permit medical marijuana, and eight more allow recreational use, there's been little movement to change the federal law.
In spite of this, cannabis-based startups have sprung up all over California. As the retail marijuana industry grows, many see it coinciding with the advent of tech and gentrification. What will this mean for San Francisco and the rest of the state? Who stands to gain and who stands to lose?