On November 8, 52 percent of Arizonans voted against Proposition 205, a measure to legalize recreational use cannabis for adults age 21 and older.
Cannabis Wire wrote last week about what Proposition 205 would have meant for the cannabis industry in Arizona. Above all, it was clear that the existing industry would have maintained a lot of power.
There would have been roughly 40 retail shops up for grabs by newcomers, for example. The existing shops (roughly 125) would have been first in line, and the initiative did not allow for more than 10 percent of the number of a certain type of liquor license in the state (roughly 160). Also, existing license holders would have been first in line to the highest tier cultivation license.
There are roughly 370,400 regular cannabis consumers age 21 and older in the state, so cannabis sales could have hit $570 million by 2020.
For more details about this initiative, and a 50+ page dive into the state that will shape the cannabis industry for years to come, check out the recently released Cannabis Wire California Legalization Report .