Recreational marijuana is bringing in millions of tax dollars for the state of California, but there are also some downsides. Greg Zeman, associate editor at Cannabis Now, explains how the state's new laws are hurting some medical marijuana patients. Some medical marijuana companies donate products to non-profits like the Weed For Warriors Project, which gives medical marijuana patients free pot. Due to the state's new tax regulations on weed, companies still have to pay taxes on these donations. 100 pounds of cannabis would cost roughly $50,000 in taxes. Regulations across the country are holding American businesses back from competing with Canada, according to Zeman. He says Canadian companies are gearing up to take over global pot markets as more countries legalize recreational marijuana. California is the largest producer of cannabis, but federal regulations prevent it from selling to global markets.

Share:
More In Business
January’s Blockbuster Jobs Report
Tom Graff, Chief Investment Officer, Facet, discusses what the latest jobs report says about this ‘pretty good’ labor market and why the market should worry less about the Fed’s next decision.
How to Save for Retirement the Right Way
As millions of Americans are set to retire, John Carter, President & COO of Nationwide Financial, shares what to expect and how consumers of all ages can better prepare for their golden years.
Load More