The financial race surrounding the recreational marijuana legalization initiative in South Dakota was highly competitive, with both opponents and supporters gathering nearly equal resources. This set the scene for an intense debate while voters prepared for the November 5 ballot. Both sides have collectively raised around $915,000, showcasing the deeply split opinions across the state on the matter.
Advocates for Initiated Measure 29, which aims to legalize the use and sale of cannabis for those aged 21 and over, have secured about $458,000 in funding. The main group pushing for the measure, known as the Yes on 29 Ballot Committee, has raised $436,000, with $300,000 contributed by cannabis-related businesses. The largest single donation was $100,000 from GL Partners, a Rapid City-based medical cannabis dispensary.
On the opposing front, the Protecting SD Kids Ballot Question Committee accumulated about $457,000. A large share of this funding came from individual contributions, including a notable $61,400 donation by Brad Wheeler, a local manufacturer. Additionally, businesses within South Dakota collectively contributed $71,000 to the opposition’s campaign.
The significant financial backing on both sides highlights the importance of Initiated Measure 29, one of seven ballot measures voters will decide on this November. So far, the Yes on 29 campaign has spent approximately $217,000 on its advocacy efforts, while the opposition has spent a more substantial $371,000 on initiatives to prevent the measure’s approval.
The financial records show an ongoing trend where the marijuana industry heavily invests in efforts to support legalization measures across the country. Meanwhile, those against such measures often rely on local businesses and grassroots donations to bolster their campaigns.
As election day neared, the close fundraising figures signal a tight race. Both sides stepped up their campaigns to influence voters, aware of the potential long-term effects on South Dakota’s cannabis policy.
Neighboring states also contribute to the broader conversation about cannabis reform. Montana, for instance, has already seen more than $118 million in tax revenue from its legalized marijuana market over two years. North Dakota, looking at similar economic incentives, is proposing Measure 5, which promises job creation and financial gains. In contrast, Nebraska stands apart, lacking any legalization measures and emphasizing the varied regional perspectives on cannabis policy.
Without any restrictions on donation amounts, South Dakota’s campaign on this issue represents a significant and contentious vote, making November 5 a pivotal day for the state’s future approach to cannabis regulation.
Businesses like Innovative Industrial Properties Inc. (NYSE: IIPR) with interests in the cannabis space in other markets will be hoping that the will of the people wins the day once vote counting is completed.
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