2 Reasons 2020 Could Be a Stronger Year for the California Pot Market
The California market for pot has the potential to be the most lucrative in the world. In 2019, research company BDS Analytics already expected the market to be worth more than $3 billion. However, there's still a lot more potential for that to get much bigger over the years, and BDS expects it will grow to more than $7 billion in 2024. But that will ultimately depend on the success of the black market, which continues to be a dominant force in Calfornia. The good news is that there are a couple of reasons why legal pot shops could get a boost as early as this year.
While some consumers opt for illegal vendors, many simply don't even know they're buying from an unlicensed pot shop. The state is making that process easier. In December, the Bureau of Cannabis Control (BCC) in California launched a campaign where stores would display a quick response code (QR code) that customers could then scan on their smartphones to confirm that the pot shop was legal. Stores could voluntarily post the codes in their windows, giving their customers assurance that they aren't underground dealers.
The campaign is voluntary, but in January the BCC took it one step further and proposed that there should be regulations that mandate businesses to post QR codes in their stores. Bureau Chief Lori Ajax believes it is important for consumers: "The proposed regulations will help consumers avoid purchasing cannabis goods from unlicensed businesses by providing a simple way to confirm licensure immediately before entering the premises or receiving a delivery."
Source Fool.com
