Legal marijuana a $5-billion boost to California's economy

California's legal market for marijuana is set to be worth more than $5 billion - and a destination for pot-loving tourists.

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A study from the University of California Agricultural Issues Center also determined that some 29 per cent of all cannabis consumers may inititally stay in the illegal market to avoid the cost of new regulations which require the pot to be tested, tracked and taxed at 15 per cent of its retail value. However, it is hoped by State officials that the majority of cannabis users will go through the legal market.

'Going to take some time'

Lori Ajax, director of the state Bureau of Marijuana Control, which hired the center to look at the economic impact of the new rules, was quoted as saying: ‘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.’

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