Can You Still Trust This Bull Market?

Is this bubble set to pop? Headlines say yes, but one market vet with a 15-year track record says not yet. A historic pattern is taking shape that could send $7.4 trillion pouring into select stocks, triggering a Melt Up that could run for years to come. You don't want to miss it.

California Senate Moves Forward With Bill To Allow Cannabis Sales And Consumption At Farmers Markets

Franca Quarneti
August 16, 2024

California’s Senate Appropriations Committee unanimously approved a bill Thursday that would introduce a new license permitting small marijuana growers to sell their products directly to consumers at state-organized farmers markets and other temporary events.

Key Details Of New Cannabis Legislation

The bill, spearheaded by Assemblymember Gail Pellerin (D), received a 4-0 vote in the Senate Appropriations Committee, allows adults to consume cannabis on-site at these approved events, Marijuana Moment reported.

See Also: California’s War On Illegal Cannabis: $120M Seized, 37 Tons Of Marijuana Destroyed So Far In 2024

Following its approval in the Assembly in late May, where it garnered near-unanimous support, the legislation has advanced through two Senate committees and now awaits a vote on the Senate floor.

If the bill passes, it will return to the Assembly to address Senate amendments, including a stipulation that the new license would only apply to “state temporary events,” rather than the broader “specified temporary events” initially proposed. Additionally, the legislation has been amended to delay implementation until January 1, 2026.

Under the proposed bill, the Department of Cannabis Control (DCC) would be empowered to issue a “state temporary event license” for onsite cannabis sales and consumption at venues approved by local jurisdictions.

To qualify for this license, applicants must be classified as small marijuana producers, defined as those cultivating no more than one acre of cannabis or certain smaller areas under specific cultivation licenses.

What The New Bill Means For Consumers

This proposed legislation builds on a 2018 California law that allowed temporary marijuana event licenses in jurisdictions where local governments approved them. This policy change facilitated marijuana sales and consumption at the California State Fair for the first time this year.

In parallel, New York recently passed similar legislation that would make cannabis farmers markets a permanent feature of its cannabis market. This measure aims to revive and continue the growers’ showcase events that were previously authorized but ended last year.

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