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An agreement hammered out by CA lawmakers last night would provide a regulatory framework for the industry, including the establishment of a new Bureau of Medical Marijuana Regulation responsible for licensing and other regulation-related issues.
California was the first state to legalize medical marijuana in 1996. In the two decades, the state has largely left regulation of the industry to individual cities and counties.
The likelihood that this proposal will gain passage in the state legislature is high.
Who are the winners and losers under this new regulatory framework? How does this figure into the expectation that California would legalize recreational marijuana in 2016?