Hollyweed: Legal Pot Gains Foothold in Rich California Market
- City of Lynwood is first to negotiate with prospective sellers
- ‘There’s going to be a domino effect with other local cities’
QuickTake: Marijuana's Road to U.S. Legalization
Hollywood is on its way to becoming Hollyweed: The city of Lynwood is the first in Los Angeles County to start negotiating with licensees who would grow, manufacture and deliver pot.
As the most populous county in the most populous state, Los Angeles is a major play as the cannabis industry gains a wider ability to sell the drug for recreational use. Voters in California -- along with those in Nevada, Maine and Massachusetts -- legalized it in November. The $6 billion U.S. industry is expected to reach $50 billion by 2026, according to investment bank Cowen & Co.