Legalizing the use of recreational marijuana is the latest investment of Sean Parker. He invested millions in order to support the ballot measure legalizing the use of recreational marijuana.
Adult Use of Marijuana Act
The proposition is called the Adult Use of Marijuana Act which enables the legal ownership of cannabis in small amounts for those 21 and older. The act contains the proposed development of tax rates and creation of a system of distribution in different states. In addition, if the act passes individuals will be allowed to cultivate a maximum of 6 cannabis plants for personal use without violation.
According to the act’s supporters, they were able to gather enough supporters who signed the petition. Now, they are rolling out their campaign to achieve certification for state officials and eventually win over California voters.
Gavin Newson backing the Marijuana Act
The act is actively backed up by Democratic Lieutenant Governor Gavin Newson including the billionaire tech tycoon Sean Parker. He said that their campaign was able to accumulate 600,000 petition signatures which is a little less than double the minimum requirement of 365, 880.
The legality of medical marijuana was granted in California in 1996. After almost two decades the measure has evolved to attempt to legalize use of marijuana for adults beyond doctor’s prescription.
The group is in high spirit on the upcoming November ballot because poll results show that voters’ attitudes are now slowly becoming in favor of liberalized use of Marijuana as compared to their 2010 campaign which was defeated. Recent votes in Colorado, Washington, Oregon and Alaska permitting the recreational use of Marijuana for adults is evidence of the shift in voters’ perspectives.
Anti Marijuana Act
On the other side, groups who are against the act are starting to coordinate an anti- campaign supported by the California Police Chief’s Association including sheriff’s, deputies and other law enforcement agencies. They are worried that such will pose a huge safety and security risk to the public on and off the roadways. Worst, they fear that weed will easily fall in the hands of teenagers or younger children.
Supporters of the act in return reiterated that the measure has been highly thought of. One of its provisions is to keep the cannabis out of reach of minors which includes total prohibition of marketing to youngsters, straightforward warning tags and secured packaging limitations. They also added that the money stemming out from this legalization will enable to fund substance abuse prohibition and treatment as well as proper law execution and enable further research.
Huge Financial Potential for Recreational Marijuana
Legalizing recreational marijuana has huge financial potential amounting to billions of dollars for California in more than just tax revenue. Setting up the various businesses whether it is for cultivation, distribution or testing requires manpower and money which will create employment and investment opportunities for people from all walks of life. It is estimated that combined sales from medical and casual use of marijuana will reach an approximate $23 billion. Despite protests from Public Safety First, the initiative is likely to have a positive result given the strong set of backers which includes Gov. Newson and Parker but also include the Drug Policy Alliance, Nicholas Pritzker of Hyatt Hotels and the NAACP civil rights group. It is likely that if this initiative is successful and creates jobs and revenue it may be copied in other states.