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Cannabis Status

Medical and Recreational

Overview of Medical Cannabis in California

Proposition 215 for Possession and Use was passed as a ballot initiative in 1996. Assembly Bills 243, 266, and Senate Bill 643 for authority to license and regulate businesses were passed as legislative bills in 2015. Patients do have to have written recommendations from a qualifying doctor, but do not have to register with the state.

Possession Limit

8 oz, but a qualified doctor can recommend more if it is deemed medically necessary.

Overview of Recreational Cannabis in California

Proposition 64 was passed as a ballot initiative in 2016. Home cultivation is allowed.

Possession Limit

1 oz flower or 8 grams of concentrate.

Hemp Status


Overview of Hemp in California

FAC Section 81001 was established in 2014 in order to assist the California Department of Food and Agriculture make recommendations regarding cultivation of industrial hemp. In 2016 hemp was legally defined as separate from marijuana.

Hemp was then federally legalized in the 2018 Farm Bill, signed December 20, 2018.

Cannabis Inventory and IFRS Biological Assets – Inventory Records

As cannabis companies continue to move to the public markets in Canada, high quality inventory records become much more important. Not only is there greater disclosure and scrutiny of financial information, but International Accounting Standard 41: Agriculture (IAS 41) requires additional computations on biological assets (plants and all inventory derived from those plants) to bring […]