California has become the largest state in the united states to legalize recreational cannabis.
From 1 January 2018, the adults 21 and older to possess up to an ounce (28 grams) of the drug and can grow up to six marijuana plants at home.
Opponents say the law will lead to more driving under the influence of the drug, and of introducing young people to the consumption of drugs.
But the business is looking at what could be an industry worth tens of billions of dollars in the coming years.’Early years is going to be a disaster’
Californians voted in favor of Proposition 64, the legalization of cannabis for 14 months, in a survey carried out in conjunction with the president of the united states to vote.
Since then, a complicated patchwork of taxes and regulations that has been developed to regulate the sale of the drug.
Critics say that the red tape to discourage consumers, producers and distributors to abandon the state of great black market, and only a couple of dozen of stores so far have been approved to open.
The cities of los Angeles and San Francisco, however, to sanction any recreational marijuana in the points of sale.
“The first year, two years are going to be a disaster”, as the cities according to their own regulations and supply and demand sets in, Troy Dayton told the news agency.
He is the CEO of Arcview, a company that analyzes the world cannabis market. He predicted could be “the crazy fluctuation in the price during the first year or two.”
Cannabis: Promise, risk and controversy
Cannabis and vaping more popular than smoking among us teens
The police and politicians to join Canada’s cannabis business
However, the potential rewards are huge in the united states, wealthiest and most populous state.
In 1996, California was the first state to legalize marijuana for medicinal use.
But Arcview estimates that the illegal cannabis market is currently, with an annual value of $5.1 million (Â£3.8 million) and once legalized it could be a value of $5.8 billion in 2021.
Buyers Legal in the newly created “adult” market now also have to pay state, sales and local taxes that is estimated to generate $1bn per year.
It prohibits the consumption of drugs in public places, with 1,000 feet (300 m) of a school or while driving.
With six u.s. states – Colorado, Washington, Oregon, Alaska, and Nevada, as well as California – which have legalized cannabis, one out of every five Americans can now legally purchase the drug.
Despite this, the federal government still regards marijuana as illegal, the classification along with heroin and cocaine as a banned substance.