For the third time in its history, Los Angeles will be the host to the Olympic Games in 2028. The last time Los Angeles hosted the Olympic Games was in 1984 and this time around several things are different, including the legalization of recreational cannabis.
As part of the conditions for hosting the 2028 Games, the International Olympic Committee will be given an estimated $2 billion; money the city hopes to raise through sponsorships, broadcast rights, and merchandising to address the Games’ expenses.
The Olympics in a Cannabis Legal State
In November California voters gave approval to Proposition 64. The initiative legalized the possession of up to an ounce of cannabis for those 21 and older for recreational use, and establishes a system of licensed cannabis retail outlets (expected sometime next year). Once open, these shops are accessible to everyone 21 and older, including those from out-of-state.
With the legal recreational cannabis industry In Colorado already raking in half a billion in tax revenue, it is safe to assume that by 2028 California could be easily doubling that. With a potentially booming industry and roughly $2 billion to raise to fund the games, could the city possibly look to the cannabis industry as potential sponsorships?
It is not yet clear how hosting the first ever Olympic Games in a legal-cannabis location may affect the athletes, public, or the Games themselves, but it is quite possible that the cannabis industry could have an impact on the 2028 Games.