Pot Stocks Surge on Heels of Midterm Election Results
Pot Stocks Surge on Heels of Midterm Election Results
Michigan Voters Legalize Marijuana
08 November, 2018, 02:23
Unlike precedents set by other states' legalization efforts, North Dakota'sMeasure 3 didn't touch regulation and possession limits. The official vote total is 2,285,364 in favor of legalizing recreational marijuana in MI.
Medical marijuana has been legal in MI since voters approved its use in a 2008 ballot initiative. Following in Colorado's footsteps, the proposal will allow adults 21 and over to purchase and possess weed, and will tax cannabis products.
In Missouri, there were three measures related to the legalization of medical marijuana.
OH was the most recent state to legalize medical weed through a ballot initiative in October, and Vermont became the first state to bypass the polls entirely by legalizing recreational cannabis through its state legislature in January. Its proposal also levies a 10 percent sales tax on pot sales. Although North Dakota won't be legalizing recreational marijuana this midterm election season, cannabis companies in the United States and Canada rallied on new market opportunities in MI and what appears to be a shift in public perception about the drug. Colorado voters passed their initiative on November 6, 2012 and had to wait a month until a new state amendment went into effect on December 6, 2012, making marijuana officially legal in Colorado.
Adding two more states with medicinal marijuana would mean nearly 70 per cent of Americans could have access to the drug for that goal. Sales there, estimated to start in 2020, could grow to as much as US$1.7b in the coming years, according to the trade publication Marijuana Business Daily.
"I started to see that this was a lifetime chance because this is a massive shift where you know there are consumers who use this product and now that it was legal the market could be even larger", he said, adding that he expects that Canadian cannabis companies such as his own will eventually expand into the US once marijuana becomes legal. When Gallop began polling Americans about the marijuana legalization in 1969, just 12 percent of respondents supported the issue. A Gallup poll found that 72 percent of Democrats and 51 percent of Republicans support legalization. They ultimately voted yes on Amendment 2, and no on the other measures.
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