Chico California cannabis committee has ordinance in the works

After 9 weeks, the committee has a good idea of the ordinance they want to propose to regulate recreational marijuana sales in the City of Chico.


CHICO, Calif. - California voters said yes to recreational marijuana in 2016.
Nearly three years later, the City of Chico is getting ready to get on board.

"We have a massive debt crisis, an under-funded pensions crisis… to the extent that the city could have more money to clean up the streets and do things that would be a benefit to the residents, I think that would be a good thing," said Miles Rampel, lives in Chico.

9 weeks ago, a committee of community representatives from both sides of the issue started exploring what marijuana sales, production, and distribution would look like for Chico.
Teri Dubose represents the Downtown Chico Business Association.

"I think it's best that we start small and grow from there, based on how it's doing rather than starting really big and trying to reign things back in," Dubose said.

Some people in Chico say that's probably a good idea.


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Investors send canadian pot stock soaring on possible Marlboro tobacco deal

New York (CNN Business)The company that makes Marlboro cigarettes may be looking for a new vice. Altria could find that the red-hot cannabis industry is a much-needed supplement to its stagnant tobacco business.

Canadian cannabis company Cronos Group surged Monday after Reuters reported Altria may want to buy the company. The stock was up nearly 30% at one point before it was briefly halted for trading midday Monday. Shares were still up 12% when trading resumed.

Cronos confirmed in a statement that it was discussing a potential investment by Altria, but Cronos said the two companies had not yet reached an agreement. Altria was not immediately available for comment.

Cronos, Aphria and other cannabis stocks have been thrust into the spotlight in the past few months following the legalization of recreational marijuana in Canada in October, as well as legalized recreational and medical pot in several US states last month.

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