![\"How](\"https:\/\/www.ncrypted.net\/blog\/wp-content\/uploads\/2017\/12\/How-Legalization-of-Cannabis-Industry-in-California-will-Affect-Startups-496x330.jpg\" "\\"How")
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After a year of anticipation, the big switch is just 10 days\u00a0away. Even state regulators are pumped.\u00a0Many eyes are firmly fixed on California\u00a0as Marijuana legalization is going to be expanded in the coming year in California.<\/p>\n
In November 2017,\u00a0Proposition 64\u00a0has been passed by the state, the Adult Use of Marijuana Act (AUMA), in which\u00a0more than 50\u00a0percent of voters<\/a>\u00a0expressed an interest\u00a0to legalize marijuana use for adults 21 and over.\u00a0Lori Ajax\u00a0(Chief\u00a0Bureau of\u00a0Cannabis Control<\/a>)\u00a0expects the process should be fast as she wants the\u00a0Bureau of Cannabis Control’s online application system will open in December and that the BCC\u00a0will begin giving\u00a0temporary licenses to retailers before the new year. The licenses\u00a0will become valid on Jan. 1.<\/p>\n This is obviously good news for startups of billion dollar industry. As every businessman\u00a0dreams of reaching\u00a0an untapped market where they could start with a low funding\u00a0and build a huge market.\u00a0So, it would be a great opportunity for businessmen to invest the resources in this industry.<\/p>\n First of\u00a0all, let\u2019s talk the size of the U.S. legal-pot sector.\u00a0The Factbook projects that legal cannabis businesses will increase revenue\u00a0roughly by $8 billion in\u00a02018. So that\u2019s huge number even more\u00a0than $7 billion of upside potential in the near-term marketplace.<\/p>\n You may also like to read: 6 reasons why startup fails and what should be done to avoid them.<\/u><\/a><\/p>\n The cannabis industry is young industry and for such industry, it\u2019s a necessity to keep note of profit of the businesses in the industry. The Factbook found over half are already operating in the black.<\/p>\n The statistics of Factbook 2016 says,<\/p>\n Profitability is coming quickly, too — 62% of the startups\u00a0said they were profitable within 12 months. Only 6% said it took more than 3 years.<\/p>\n According to Factbook<\/u><\/a>, investment and funding were like this:<\/p>\n Even a couple of years back, most investors wouldn\u2019t go near this sector. But last year, angels and venture-capital investors jumped in and started backing cannabis companies.<\/p>\n You may also like to read: How to get startup funding?<\/u><\/a><\/p>\n\n
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