California is on the verge of creating a legal market for marijuana worth more than $5 billion that will help make the state a destination for pot-loving tourists, according to a new state-sponsored economic study. The study indicates there will be economic benefits for the state from a regulated market. The study estimated that more than 1,200 jobs will be created for testing and handling cannabis in the legal market. “Revenues for medical cannabis in Washington State, for instance, fell by one-third in the first year after the legal adult-use cannabis system took effect, and by more subsequently,” the study said. “We have seen this in other states too, that the legal market is easily undercut by the well-established underground market,” Sabet said.

Source: Los Angeles Times June 11, 2017 07:07 UTC