Five states adopted measures to legalize marijuana during last week’s elections. These states —South Dakota, New Jersey, Montana, Mississippi and Arizona — had measures for medical or recreational marijuana use, or both, on their ballots.
According to New Frontier Data, a marijuana market firm, legalization of marijuana in the additional states will grow the cannabis industry by an estimated $9 billion. Here’s a breakdown of the measures in the different states that were approved on Tuesday’s ballots.
South Dakota voters approved Measure 26, which requires the state to create a medical cannabis program for possession, use and home cultivation for individuals with qualifying medical conditions.
Voters also approved Constitutional Amendment A, which revises the state’s constitution to allow the possession, purchase and distribution of up to an ounce of cannabis for individuals who are 21 years and above.
The state legislature is required to draft and pass new legislations to set up a state medical cannabis program before April 1, 2021.
Voters from New Jersey legalized the recreational use of marijuana by voting yes on the Question 1 measure. This means that the state’s constitution will be revised to permit individuals 21 years and older to possess and use cannabis, and also permit cannabis to be grown, processed and sold in the state.
Under the Constitutional Initiative 118 and the I-190 measures, the adult recreational use of marijuana was legalized. These initiatives will cap the drug’s possession at less than 8 grams (or 1 ounce) of concentrated cannabis and legalize the use and purchase for individuals who are 21 years and older.
Mississippi — Ballot Measure 1, Initiative 65 & Initiative 65A
Under Ballot Measure 1, Mississippi voters opted to legalize medical marijuana use. Initiative 65 A and Initiative 65 depended on the outcome of Ballot Measure 1. A majority chose Initiative 65, as it requires the state to allow use for 20 medical conditions and also cap quantities that patients could possess at 2.5 ounces, which is roughly 71 grams.
Initiative 65A would have made medical use more limited.
In Arizona, Proposition 207, which supported the legalization of recreational cannabis use for people aged 21 and older, was approved. The measure also imposed a 16% excise tax on the drug.
Gage Cannabis Co. is a vertically integrated marijuana company that you should watch. This Michigan-based firm has set its eyes on being the biggest brand in the state. Gage’s unique products are tailored to help the company attain its market-leader objective.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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