A new measure will likely pass this week limiting the number of medical marijuana dispensaries in Los Angeles. The measure, titled Proposition D, was put forth by the city council and could cut the number of dispensaries from around 800 down to 135, reports Bloomberg.
The vote was put forth earlier this week as a response to outcries from various Los Angeles communities that claim the legal medical marijuana trade is taking a toll on neighborhoods. According to Bloomberg, early voting returns that came in on Wednesday showed overwhelming support for the measure.
In addition to dispensary restrictions, the new measure will also increase the amount of tax revenue collected on cannabis. Currently, the state takes $50 for $1000 of income from medical marijuana. That number will increase to $60 per $1000 of income, if the measure does pass.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.