Legal DC Marijuana Industry Could Be $130 Million A Year
It’s ‘Election Day Eve’ across America. Alaska, Oregon, and Washington D.C. voters will be voting on marijuana legalization, along with a medical marijuana vote in Guam and Florida, as well as numerous local level votes on marijuana reform. Depending on what the final results are, the 2014 Election could be a banner year for marijuana reform. Arguably the most significant victory would be in Washington D.C. due to it’s relationship with the United States government. If/when marijuana is legalized in D.C., and sales area implemented, it could create an enormous industry. Per the Washington Post:
A study by District financial officials shared Thursday with lawmakers estimates a legal D.C. cannabis market worth $130 million a year.
The ballot initiative voters will see Tuesday does not allow for the legal sale of marijuana — only the possession and home cultivation of small amounts — but D.C. Council members gathered Thursday to hear testimony about what a legal sales regime might look like.
If the analysis is true, and everything falls into place, that would mean that Washington D.C.’s marijuana industry would be larger than Alaska (estimated $107 million annually). We will know in less than two days if the initiative passes. As for implementation, and Congressional approval on sales and taxes, that will no doubt take considerably longer.