In a resounding vote of approval for cannabis regulation, Los Angeles voters yesterday approved Proposition M, with 79.4% of the tally in favor of the measure.
Proposition M will give the Los Angeles Mayor and City Council comprehensive oversight of commercial cannabis. After years of convoluted regulations, sporadic enforcement and an often-adversarial relationship between the cannabis industry and the City of Los Angeles, LA’s marijuana businesses are poised to undergo comprehensive taxation and regulatory reform.
Prop M also sets tax rates for marijuana sales, transportation, cultivation and more, which combined, are expected to generate tens of millions of dollars for Los Angeles next year, said Jared Kiloh, president of the cannabis industry group UCBA Trade Association. Formed in 2015 by 63 L.A. dispensaries, UCBA has spent the last six months working with L.A. City Council, cannabis industry leaders, government officials, as well as attorneys, to develop a game plan for marijuana regulation.
Although the trade organization initially wrote its own measure, Proposition N, the group later threw its support behind the City-sponsored Prop M. As voting opened yesterday, there were no parties supporting the opposition. One of the cannabis industry’s main concerns, said Kiloh, was finding the sweet spot between taxing cannabis businesses without overtaxing them. [Read more at Leafly]