DENVER - Thanks to last night's elections Colorado will no longer be the go to state for marijuana jokes. California, Nevada and Massachusetts all voted to legalize recreational weed. Those additions mean big business for marijuana companies looking to expand.
The largest economies in the world in order are the U.S., China, Japan, Germany, the UK and California. The Golden State is the sixth largest economy in the world. It's economic output in 2015 was $2.46 trillion.
“It's a big opportunity for us,” said Eduardo Provencio, General Counsel for Mary’s Medicinals, a Denver-based cannabis company specializing in marijuana extracts.
Mary’s is hoping to ride the high of last night's results into bigger markets.
“You are talking about large, very large and different demographics of people that are finding cannabis acceptable now. And that's obviously great for our business but it’s also great for our industry as a whole,” said Provencio.
The California tax board expects $1 billion in recreational marijuana revenue in its first year of sales in 2018. It'll take some time to set up the system and deal with federal regulations.
“It's not as simple as shipping and transporting. It's actually building from the ground up every state that goes online,” said Provencio.
During the presidential primary marijuana businesses were a bit concerned about the likes of Governor Chris Christie who actively campaigned on the idea of scrapping recreational marijuana altogether. But as of last night the country has president-elect Trump, who told 9NEWS in July that marijuana is an issue that should be left up to the states.
“President-elect Trump, he's a pro-business guy and he's gone on the record saying this is a state's rights issue. And that's exactly how we feel as well,” said Provencio.
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