Hide Transcript Show Transcript

WEBVTT LEARNED THATTHIS MOMENTUM IS BUILDING AT ANUNCERTAIN TIME.VICKI: RECREATIONAL CANNABIS ISBLOSSOMING ACROSS NORTHERNCALIFORNIA.THE SACRAMENTO REGIONAL BUSINESSASSOCIATION ALREADY SEEING THEREGION'S ECONOMIC LANDSCAPECHANGE.>> THINGS WE HAVE BEEN TRYING TOCHANGE FOR YEARS TO BRINGBUSINESS AND ECONOMY BACK UP TOWHERE WE WANT IT TO BE HAS NOW,OVERNIGHT, SHOT UP WHEN IT COMESTO PRICES, POTENTIAL JOBS.THEY ARE ALL BANKING ON THISIDEA OF WHAT SACRAMENTO AND THEFUTURE WILL BE FOR THISINDUSTRY.VICKI: A STUDY FROM THEUNIVERSITY OF THE PACIFICESTIMATES THAT AT ITS MOSTLUCRATIVE, THE RECREATIONALMARIJUANA INDUSTRY IS CAPABLE OFCREATING MORE THAN 19,000 JOBS.AMOUNTING TO MORE THAN $4BILLION ACROSS SACRAMENTO'S SIXCOUNTY REGION.TRUTH ENTERPRISES COMMISSIONEDTHE RESEARCH.THE INVESTMENT FUND WORKSALONGSIDE CANNABIS ENTREPRENEURSNAVIGATING THE INFANCY OF ANINDUSTRY.>> WHAT IS EXCITING IS THE STUDYLAST FALL WHICH PAINTED WHAT THECANNAB INDUSTRY COULD MEAN TOTHIS REGION.VICK NEW BUSINESS PIONEERINGAT A TIME WHEN POLICIES ANDREGULATIONS ARE STILLDEVELOPING.>> WHEN PEOPLE ASK ME ABOUTGETTING INTO THIS BUSINESS RIGHTNOW, I ASK THEM WHAT YOURAPPETITE IS FOR TURBULENCE.RIGHT NOW, IT IS CHALLENGING.VICKI: A PROMISING ECONOMICFORECAST BUT HOW MUCH GROWS INTOREAL OPPORTUNITY, HEAVILY RELIESON HOW THIS YEAR TAKE SHAPE.>> ONCE YOU HAVE CLEAR RULES INPLACE, YOU CAN FOCUS ON MAKINGON RANTS INTO THE INDUSTRY.THE REALITY IS THAT WE HAVE AROBUST MARKET.

Advertisement Study: Recreational marijuana could generate $4.1B for Sacramento region Upcoming months will shape recreational cannabis success for 6-county region Share Shares Copy Link Copy

The recreational cannabis industry is blossoming across the Sacramento region. "We are seeing new businesses taking a look at former areas where there were no leases -- and it was stagnant when it came to economic generation,” Robert Abelon with Sacramento Regional Business Association said. "Things that we were trying to change for years, to bring businesses and economies to where we wanted it to be, has now overnight shot up as it came to prices -- to potential jobs -- and they are all banking on this idea of what Sacramento, and the future of it will be, for this industry." A study last fall from University of the Pacific estimates -- at its most lucrative -- the recreational cannabis industry is capable of creating more than 19,000 jobs directly across Sacramento’s six-county region. At its most optimistic, the recreational marijuana industry could amount to more than $4.1 billion. Sacramento’s six county region includes Placer, El Dorado, Nevada, Yuba, and Yolo counties. "I think what's exciting is the study last fall from UOP painted a picture about what the cannabis industry could be to this region, and now we are in a place to actually make that opportunity a reality," David Conway said with Truth Enterprises, an investment fund that commissioned the University of Pacific research. However, UOP’s economic forecast varies greatly on regulations and policies. The same study reports if the Sacramento region moves forward with limited, tight local regulations, new jobs drop to around 1,500 with $320 million in economic output. "We really haven't seen the full development of licensed cultivators, licensed distributors, licensed transportation companies, licensed manufacturers -- all of the things I think is going to be essential to getting this industry off the ground, creating real jobs and creating consumer confidence," Conway added. "When people kind of ask me about getting into this business right now, it's kind of like what's your appetite for turbulence basically? Because right now, it's challenging." Cannabis entrepreneurs are navigating a new business at a time when state and local policies are still developing. "I think the challenge for both policy makers, as well as operators, is how do you quickly make up a clear set of rules that are just not something you can abide by, but something that you don't need lawyers and lobbyists to interpret for you," Conway said. “I think once you have a clear set of rules in place, you'll be able to focus on creating on ramps into the industry, because the reality is we have a very robust gray market." The state has until the end of the year to release regulations. Legal sales begin Jan. 1.