California to Infuse Money into Legal Cannabis Industry

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Summary

But five years later, the regulated cannabis market still lags well behind the illicit market, where marijuana is untaxed and often cheaper. In an aim to prop up the state’s still-struggling, legal cannabis industry, lawmakers in California on Monday approved new funding to marijuana businesses in order to stay ahead of the black and gray markets. Gavin Newsom to be provided as grants to cities and counties to help cannabis businesses transition from provisional to regular licenses,” according to the Los Angeles Times. A report in 2019 found that the illicit market in California was three times larger than the regulated one. To that end, Newsom offered up a number of ideas in his budget proposal last month that sought to bolster the state’s struggling legal pot industry.

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In an aim to prop up the state’s still-struggling, legal cannabis industry, lawmakers in California on Monday approved new funding to marijuana businesses in order to stay ahead of the black and gray markets. 

The $100 million package “was proposed by Gov. Gavin Newsom to be provided as grants to cities and counties to help cannabis businesses transition from provisional to regular licenses,” according to the Los Angeles Times.

Los Angeles “will be the biggest beneficiary of the money,” the newspaper...

Read the full article @ High Times