If California voters approve a ballot measure next month aimed at legalizing marijuana, the Sacramento region could become to the cannabis industry what Detroit was once to automotive manufacturing, according to a new report from the University of the Pacific in Stockton.
The latest study into the possible financial implications of California’s proposed taxed and regulated pot market was conducted on behalf of the cannabis investment company Truth Enterprises. The conclusion is that the state’s capital region alone stands to spawn in upwards of 20,000 new jobs and take in a haul of $4.2 billion if voters come through this November with respect to Proposition 64.
"The Sacramento region should be to cannabis what Detroit is to automobiles in terms of both a center of innovation as well as production," said Daniel Conway with Truth Enterprises. "This region has the ability to be to cannabis what Sonoma and Napa are to wine."
However, the study finds that if Sacramento officials attempt to go crazy imposing restrictions on the cannabis industry, the market may only see around 1,600 new jobs and $322 million in economic stimulation.
According to Reuters, the passing of Proposition 64 would allow cannabis businesses the opportunity to take advantage of farmland and abandoned real estate in the Sacramento area that has gone unused since the Great Recession.
The report suggests that legal marijuana would contribute greatly to the city’s redevelopment, which already includes a new venue for the NBA basketball team the Kings and a slew of new stores and restaurants.
While there seems to be a great deal of opposition for Proposition 64, mostly from the state’s medical marijuana community, some of the latest polls show California voters will most likely bring an end to prohibition in 2016. Just last month, a USC Dornsife/Los Angeles Times poll found that 58 percent of the voters intended to support the legal weed initiative in the upcoming election, while only 34 percent said they would not.
A similar proposal was put to the voters in 2010, but failed to gain the necessary support to become law.