Arizonians are one step closer to seeing local dispensaries start selling recreational weed as early as next month after recreational marijuana was legalized in November, making Arizona one of more than a dozen states to approve recreational use of cannabis.
The application process is quite simple, where the initial batch of licenses will go to existing medical cannabis dealers. This means that those dispensaries who are currently selling marijuana for medical use and want to enter the recreational weed market will get a higher priority for the existing dispensaries. The applications for retail sales licenses have been opened on January 19 and will close on March 9.
This is epic news for everyone associated with the marijuana industry. It signals that once everything is finalized and confirmed, every approved dispensary will be able to sell marijuana to all 21 or older adults.
Under the new legalization law, adults over 21 will be allowed to possess up to one ounce of marijuana. Apart from this, the law also allows adults to cultivate six cannabis plants at home for personal use. All plants should be locked in a room to prevent entry by minors (hint). Any individual found to follow their temptations to go over the amount they are allowed will be facing strict criminal charges.
Most dispensaries will charge the same amount for marijuana, regardless of whether it is for medical or recreational use. It is also essential to know that marijuana is still illegal under federal law, which means that all banks which come under federal regulation will not be accepting credit card transactions from dispensaries selling recreational flower. However, we have seen some creative loop around solutions to this industry's problem over the last year.
Arizona's Recreational weed sales will be taxed at 16%. The tax will fund public safety, community college, public health, and infrastructure. Furthermore, this new legalization law has been estimated to generate up to $300 million per year for the state.
For more on cannabis news and trends, Amsterdam's mayor aims to ban tourists from consuming in its city's famous coffee shops.
