In California, Marijuana Is Smelling More Like Big Business
ADELANTO, Calif. — After decades of thriving in legally hazy backyards and basements, California’s most notorious crop, marijuana, is emerging from the underground into a decidedly capitalist era.
Under a new state law, marijuana businesses will be allowed to turn a profit — which has been forbidden since 1996, when California became the first state to legalize medical cannabis — and limits on the number of plants farmers can grow will be eliminated.
The opening of the marijuana industry here to corporate dollars has caused a mad scramble, with out-of-state investors, cannabis retailers and financially struggling municipalities all racing to grab a piece of what is effectively a new industry in California: legalized, large-scale marijuana farming.
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Denver council faces marijuana question worth millions to investors
When the Denver City Council introduces a proposal Monday that would cap the number of locations of pot shops and grow houses, Truman Bradley will be among dozens of investors waiting nervously.
The measure, which is intended to protect neighborhoods already saturated with marijuana cultivations and dispensaries, has found grudging acceptance by much of the marijuana industry. But as the council begins a floor debate over amendments, the biggest dispute is whether to stop pending license applications — like those pursued by Bradley and his business partners — before the city sets the caps.
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