California Becomes 6th U.S. State to Legalize Recreational Marijuana
Medical marijuana has been legal in California for over 20 years. Now, the state is joining 5 other U.S. states to introduce the sale of recreational marijuana. Kris Krane, President and Co-Founder of 4Front Ventures, an investment and management firm in the cannabis industry, was with us to discuss the implications of the new law.
Krane says legalization of recreational marijuana will spark a domino-effect in the rest of the country. Colorado, Washington, Oregon, Alaska and Nevada beat the Golden State to it, but Krane says California's decision will be the most impactful due to the state's size and influence on policy. Krane believes an open and legal market will make it increasingly untenable for the rest of the country to maintain prohibition.
Despite leniency on the state level, Krane still sees a hurdle on the federal level. This obstacle will make it challenging for cannabis companies to list on the major stock exchanges in the U.S., he adds. As a result, he thinks the most significant public market movement will continue to take place in Canada, where companies can access the Toronto Stock exchange and other major Canadian exchanges.
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A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
