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First legal recreational marijuana licenses sold in California

First legal recreational marijuana licenses sold in California

The other three adult-use licenses were issued to businesses in Santa Cruz and Shasta Lake, according to the state Bureau of Cannabis Control.

Just a couple of weeks before recreational marijuana sales become legal in California, the state's Bureau of Cannabis Control has issued its first 20 licenses to sell and transport the drug. The store, which has two certified public accountants, a chief financial officer and marketing director, submitted a 60-page lease, diagrams and a detailed business plan. Once inside, the business looks like a stylish pharmacy with wood floors and Christmas decorations. The bureau issued 20 licenses, the first of thousands that are expected to follow.

In general, California will treat cannabis like alcohol, allowing people 21 and older to legally possess up to an ounce and grow six marijuana plants at home.

"If someone had asked me five years ago, 'would I be here today?,' it would have been the furthest thing from my mind, but I think God puts things in front of you when you're ready to accept the challenge", said Strand, a longtime health-care executive who is new to the cannabis industry.

Companies expect that it will take time for society to adjust to marijuana's legality, and for the new market to settle in.

More news: United Continental Holdings, Inc. (UAL) Shares Bought by Nationwide Fund Advisors

Under the 2016 law that legalized adult use cannabis in California, the Adult Use of Marijuana Act, local governments were granted the authority to issue licenses for cultivation, production and sales of cannabis products, so that cannabis businesses in the state must receive both local and state permits. But first, cities can set their own regulations; most Orange County cities have placed moratoriums or straight-out bans on marijuana businesses.

Of course, all of the businesses awarded state licenses will have to jump through additional local and state-level hoops - including making sure that they have enough licensed partners, including testing labs - before they can make their first recreational sales, but that hasn't stopped California's golden ticket winners from doing a little celebrating.

In the background is widespread uncertainty about whether President Donald Trump's administration will attempt to intervene in states where marijuana is legal.

Maryland's marijuana regulators on Thursday approved 12 new dispensaries to operate in the state's fledgling legal medical marijuana industry, bringing the total number of fully-approved legal storefronts to 22.


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