Proposition 64, California Marijuana Legalization Initiative to legalize recreational marijuana is going to have a huge influence on the entire nation. The proposition is more than likely to pass on Tuesday, a recent Los Angeles Times polled showed 58 percent for and 38 percent against the ballot measure.
Jessica Rabe, a research associate at Convergex, a global brokerage company based in New York stated that the California economy is the sixth largest in the world. With GDP of $2.5 trillion last year will “put pressure on the government to reclassify or deschedule the drug to help ‘cannabusinesses’ better conduct their operations with more access to banking services.”
MedMen, a cannabis investment company stated that passage of Proposition 64 could add over $8 billion in annual sales to a medial market worth $2.83 billion. CEO Adam Bierman announced that the California vote could be one of the largest milstones in the institutionalization of the marijuana industry. “I have a meeting on Tuesday in San Francisco with half a dozen of what some people would refer to as the illuminati of Silicon Valley,” said Bierman. “That meeting doesn’t happen six months ago. That meeting doesn’t happen two months ago. It’s happening now.”