Legal pot to be $5 billion business in California: study

Legal marijuana sales are projected to add billions of dollars and attract thousands of new tourists to California in coming years, according to a new study commissioned by the state regulatory agency tasked with overseeing the beginnings of the new recreational pot market. 

The analysis, conducted by the University of California Agricultural Issues Center at UC-Davis, estimated that recreational marijuana sales will command about 60 percent of the state’s pot market — accounting for about $5 billion in annual sales.

California voters in 2016 ratified a state ballot initiative to make marijuana legal for recreational use. The state will join four others — Oregon, Washington, Colorado and Alaska — where recreational marijuana is already legal. Voters in Nevada, Massachusetts and Maine also approved legalization initiatives in 2016. 

California’s pot market would almost immediately become the largest in the nation. Washington and Colorado, the first two states to legalize marijuana, surpassed $1 billion in

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