People in Massachusetts voted in 2016 for the legalization of recreational cannabis use.

Since then, they have been eagerly waiting for the commercial cannabis market in the state to be established. Just this week, authorities in Massachusetts went ahead and issued the very first cannabis business license to a cultivation facility. And retail sales for cannabis are expected to start on July 1st, though it isn't clear yet if they are going to meet that goal.

Authorities are still going to review dozens of other applications from various businesses and entrepreneurs who are looking to get into the crony legal marijuana market.

One industry executive, the CEO of AmeriCann Tim Keogh, has estimated that the cannabis market in Massachusetts could eventually reach $1.8 billion or more.

The Chairman of the Cannabis Control Commission has said that the plans might be rolled-out a little slower than the public might expect. They insist that they had no legal requirement to have the stores opened by that July 1st deadline, though somehow that became an expectation of the public.

Banks Not Ready..

When stores do open, customers will likely have to be paying for their purchases in cash as well because so far it's reported that no financial institution in that state has agreed to provide banking services to the recreational marijuana businesses.

Aside from operating in cash, cryptocurrencies have been described as the payment solution for these retailers because it offers them another alternative. Perhaps some of the recreational cannabis businesses who are left without an option, not able to receive service from a traditional financial institution, they might instead look elsewhere for other alternatives.

Some entrepreneurs who are already involved with the medical cannabis market in Massachusetts, and looking to get into the recreational market, have said that without the access to traditional banking for their business needs, that they'd rather not open. However, they are hopeful that eventually some will agree to take on their business.

It's also reported that the Cannabis Control Commission has allegedly been trying to encourage local credit unions and other financial institutions to embrace the coming marijuana businesses. Though, because cannabis is still federally prohibited, this could be why some institutions are wary of getting involved.

Massachusetts joins other states like Nevada, Maine, Alaska, Oregon, Washington, and Colorado, that have also embraced recreational cannabis use.

Pics:
Pixabay

Sources:
https://www.bostonglobe.com/magazine/2018/06/21/questions-answered-about-legal-marijuana-massachusetts/s82i7NCEQvHO9oYY7Hh4GO/story.html
https://www.bostonglobe.com/metro/2018/06/21/marijuana-milestone-mass-issues-first-recreational-pot-license/w0PpD1zmGkrvNUQwtveQTJ/story.html
https://www.bostonglobe.com/metro/2018/06/16/cash-only-possible-for-first-pot-sales-mass/ENYjiCnoCiIseTMmsAwifI/story.html
https://commonwealthmagazine.org/marijuana/massachusetts-issues-first-marijuana-license/
http://boston.cbslocal.com/2018/06/21/recreational-marijuana-vote-massachusetts-sira-naturals/
http://www.patriotledger.com/news/20180621/insider-sees-marijuana-as-18-billion-industry-in-mass
http://boston.cbslocal.com/2018/06/21/recreational-marijuana-shops-opening-licenses-massachusetts/
https://qz.com/1255586/420-where-weed-is-legal-in-the-us-and-in-countries-around-the-world/

Related Posts:

The Freedom To Medicate

@doitvoluntarily/the-freedom-to-medicate