Medical Marijuana Inc (OTCMKTS:MJNA) the renowned cannabis firm in the United States applauded the passage of medical marijuana reforms across the nation, which has become the largest electoral win for marijuana revolution since 2012. It was then Washington and Colorado first sanctioned recreational marijuana.
On U.S. election day, California’s Proposition 64 approved, listing California as the largest state to approve marijuana for recreational use. The law, formally termed the ‘Adult Use of Marijuana Act’, enables up to 1 ounce of pot flower or 8 grams of cannabis concentrates for people age 21 and older. It also allows the personal grow of up to 6 marijuana plants as well as the industrial production of hemp. The recreational use pot market in California is projected to touch $35 billion by 2020 computed depending on economic growth estimates in Colorado.
In addition, voters in Nevada and Massachusetts have approved recreational use of pot in their respective states, while North Dakota, Arkansas and Florida sanctioned medical marijuana measures. The combined projected legal marijuana industry for these states is over $2 billion, with the market beyond $7 billion in 2016 and more than $40 billion by 2020. Moreover, the firm appreciated any other successful pot legalization reform initiatives.
The CEO of Medical Marijuana, Dr. Stuart Titus said that this comprehensive passage of cannabis reform turns to be a major victory for the cannabis industry. Voters have decided and they’ve made it evident that they are prepared for cannabis reform.
California proposition 64 approval is a win case for the state, as it is where Medical Marijuana is headquartered and for the booming cannabis market, the growing sector in the U.S. The firm promotes access to all CBDs, including THC, as they recognize the potential medical and social benefits in the cannabis plant’s properties.
The CEO added that this new legalization will improve access to cannabis and put a stop of the incarceration of non-violent and low-level drug offenders. It is a thrilling time to be engaged in the cannabis industry and hence the company will continue encouraging cannabis reform, educating lawmakers and doctors on the advantages of cannabinoids and formulating products that can reliably and safely offer customers with the CBDs they seek.