The success of ballot measures in New Jersey and Arizona last month that saw the legalization of recreational cannabis could have set in motion a wave that may see nearby states also giving the nod to adult-use marijuana.
Pennsylvania, New York, Maryland, Connecticut and New Mexico are some of the states that could be spurred on to pass recreational cannabis laws or ballot measures soon due to what has happened next door to them.
For example, the legalization of recreational cannabis at the ballot box in New Jersey may stoke the winds of change in Pennsylvania and New York as these neighboring states scramble to avoid cannabis revenues being “exported” to New Jersey. This is because consumers in New York and Pennsylvania can easily cross into New Jersey to buy marijuana, and taking the much-needed revenue across state lines as well.
What was a need before has become more urgent as these states have seen their coffers dry up during the ongoing pandemic. Legalizing recreational cannabis could give the depleted coffers a shot in the arm.
Aside from the state governments, many business opportunities would be opened up in different categories. First, the businesses in contact with the plant itself would sprout. These include marijuana processors, retailers, manufacturers and, of course, growers.
Ancillary businesses, or those that don’t make any direct contact with marijuana plants, will also sprout. These types of businesses include providers of legal services to the pot industry as well as those that make packaging materials, accountants, consultants and so many others.
The going won’t be easy though.
In Pennsylvania, for example, it is likely to be an uphill task to pass recreational marijuana legislation. This is because both legislative chambers are controlled by Republicans, with the most influential politicians in the senate strongly against marijuana legalization.
Another state that appears to be on the road to recreational cannabis legalization is Florida. Highly anticipated ballot measures in the state stalled earlier this year partly because the bar is set so high in terms of how many signatures campaigners have to collect as well as the limited time available within which to have those collected voter signatures verified.
Another key factor that could play a part in how soon recreational marijuana sees the light of day in several states is the robustness of the existing medical cannabis programs. For instance, New York State’s medical cannabis program is seen as too restrictive. This could slow down any transition to adult-recreational use.
This is in contrast to Pennsylvania’s medical marijuana market, estimated to be worth approximately $500 million, which can easily pivot to accommodate recreational sales.
All in all, 2021 and the mid-term elections of 2022 could prove to be a turning point regarding the forward march of recreational marijuana across the United States.
Meanwhile, the states that have already legalized medical and recreational marijuana are attracting some of the best brains in the industry. For example, Michigan hosts Gage Cannabis Co. whose executive chairman once led Canopy Growth Corp., a leader in the Canadian cannabis space.
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