LOS ANGELES (CBSLA) — It’s one of the nation’s biggest events for the cannabis industry and this year it’s even more significant.
Marijuana will be legally sold in California On Jan 1. On Thursday thousands came together in downtown Los Angeles to learn more about the upcoming “Green Rush.” but are they worried about a possible federal crackdown?
“It’s going to be more of a commodity and more of an every-day product now,” Isodiol CEO Marcos Agramont.
More than 4,000 packed the L.A. Convention center for this year’s “Cannabis World Congress and Business Exposition.” Ganjapreneurs from across the country mingled with some of the biggest names in the multi-billion-dollar industry.
“It’s jumping from $5 billion to $20 billion, and it’s not even stopping at 20. it just keeps going,” CWCBE Partner Dan Humiston said.
This year’s expo comes just a few months before ‘recreational’ pot will be legally sold in California and cannabis real-estate experts like Tim McGraw are hoping to cash in.
“That means seed to sale tracking, that means third-party testing, that means proper zoning all those things mean operators are going to have to be more sophisticated,” McGraw, a CEO at Canna-Hub, said.
But in the back of everyone’s mind is the federal government. U.S. Attorney General Jeff Sessions is openly against legalizing marijuana and the Trump Administration has hinted at a possible crackdown.
“It doesn’t mean you’re allowed to sleep on the job,” CEO Siva Enterprises Avis Bulbulyan said.
“You always have to have your guard up. but I really don’t think anything’s going to happen. It’s too big of a beast to contain and as regulations continue to get ironed out most folks here expect the cannabis industry to soon go sky-high.”
“I don’t know what better field or what better sector or industry you can go to than the cannabis industry,” Humiston said.
Coincidentally, Thursday the L.A. Planning Commission voted to limit marijuana retailers to most commercial and industrial zones and keep them at least 800 feet away from schools and parks.
Friday is the last day for the expo.