The organizers of the 2028 Olympics are about to find out just how green the grass is on the other side.Cannabis industry insiders assert that California state revenue from marijuana legalization will play a major role in funding the 2028 Summer Olympics hosted by the city of Los Angeles.
Although the Organizing Committee for the Olympic Games will receive a $1.8 billion grant from the International Olympic committee per contract, hosting the Summer Olympics has cost a city an average of $5.2 billion (adjusted for inflation) since 1960. And of course, it’s a host city’s job to raise the capital to bridge that gap.The current estimate for the cost of construction in Los Angeles is $5.3 billion, with the city leaning heavily on its existing sports infrastructure.
But the Olympics are notorious for running over budget: The 2012 Rio Summer Olympics ended up costing about $1.6 billion more than planners anticipated. The 2008 Summer Olympics in Beijing cost a whopping $40 billion.So how will Los Angeles pay for the modifications required to host thousands of athletes and even more fans? When it was still in the running to host the 2024 Summer Olympics, the city said they planned to save money through corporate sponsorship deals. But professionals in the marijuana industry have serious cause to think that they’ll be among those footing the bill.
READ THE FULL STORY BELOW