National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Los Angeles to Become Largest U.S. City to Legalize Weed
The Los Angeles City Council has voted in favor of legalizing recreational marijuana usage, making the city the largest in the U.S. to approve pot’s legalization. Under an initiative approved by state voters, the council finally approved the bill after months of debate.
The bill aims to set up buffer zones for the commercial sale of weed around schools and libraries, and plans to keep residential neighborhoods mostly off limits. While medical marijuana has been legal in California for two decades, the businesses who want to partake in the commercial sales must obtain a state license prior to opening their doors in 2018.
The industry is projected to be worth $7 billion, and with four million people in Los Angeles, the bill aims to squeeze out the illegal sale of the drug, and profit from its taxes.
For comments, questions or concerns, please contact Daniella Soloway
