Recreational marijuana is now legal in California. About 90 businesses received state licenses to open on New Year's Day. Medicine Man Technologies CEO Brett Roper explains his outlook for the market opportunity in this state.

"We expect California to evolve over the next year to eighteen months," says Roper. "There are going to be challenges with new regulatory environments that are in place." The nation's state with the largest population joins a increasing list of other states where recreational marijuana is legal.

Some reports have valued the state's new pot economy to be as large as a $7 billion opportunity. "Overtime we think California's marketplace will be extraordinary," said Roper.