As it now stands, 33 states have legalized medical cannabis, and 11 of those states have legalized cannabis for adult use.
If more states join that list, it could serve as a major opportunity for industry growth as legalization advocates believe successful voting initiatives may have an impact on other states – particularly Form that addresses budgetary and social justice issues.
“We have continued public support every year,” said Karen Okife, director of state policies for the Marijuana Policy Project, director of state policies for the Marijuana Policy Project.
According to BDS Analytics data tracking dispensary sales, cannabis sales in the states have legalized the plant for a total of $ 15 billion in medical and entertainment in 2019 and are expected to earn $ 30 billion by 2024.
Here’s a look at the five states that voted on legal cannabis this November.
Four years ago, Grand Canyon state residents defeated an initiative to legalize recreational cannabis. It failed by less than 67,100 votes, with 51.3% of voters.
The 2016 measure was hot contested, with high-profile donors such as soap company Dr. A combined $ 13 million with the Broners was attracted, favoring the measure, and opponents such as billionaire casino magnate Sheldon Adelson, tire manufacturer Discount Tire, and pharmaceutical company people.
This time, supporters of the recreational cannabis initiative include some of the biggest names in the American cannabis business – an industry that has matured considerably during the past four years. State election finance records show that contributors supporting Proposition 207 are multi-state hemp producers and retailers such as Tempe, Arizona-based Crop Health and Entertainment (HRVSF) And firms such as Curaleaf (CURLF) And Cresco Labs (CRLBF), Who conduct farming and retail operations in Arizona’s medical cannabis industry.
Still in staunch opposition are Governor Doug Ducey, the Arizona Chamber of Commerce and Smart Appeals of Marijuana, a national organization that opposes the legalization and commercialization of cannabis.
For the most part, Proposition 207 is structured similarly to the 2016 measure. This would allow adults 21 years and older to possess, consume or transfer up to 1 ounce of cannabis and create a regulatory system for the cultivation and sale of products. Some significant differences with the new measure include social equity provisions and criminal justice reform such as record abandonment.
According to estimates by industry publication Marijuana Business Daily, recreational sales in Arizona could be $ 700 million to $ 760 million by 2024.
When Governor Phil Murphy was elected in 2017, he vowed to fulfill a campaign trail promise to legalize cannabis. At the time, he told the New Jersey Star-Ledger that $ 300 million could be a boon for the state treasury, but the biggest reason for the legality would be for social justice purposes – overhauling old drug laws That criminalize people of color.
However, legislative efforts to legalize failed to drum up enough support. The MPs eventually went another route and put the measure before the voters.
If approved, Public Question No. 1 would legalize cannabis for adults and adults 21 years old. The program will be regulated by the same commission that oversees New Jersey’s medical cannabis businesses, and recreational cannabis products will be subject to state sales tax (currently 6.625%).
According to preliminary estimates, New Jersey’s recreational cannabis market could be huge. Marijuana Business Daily annual sales of between $ 850 million and $ 950 million by 2024 – but a successful initiative holds greater importance outside New Jersey’s borders. The passage of recreational cannabis in New Jersey could accelerate legislative efforts in neighboring New York and Pennsylvania.
States typically have legal medical cannabis programs before the adoption of recreational cannabis laws.
South Dakota can implement medical and recreational programs in one swoop.
Voters in South Dakota will decide on Measure 26, which will establish a medical cannabis program and registration system for people with eligibility conditions, as well as Amendment A, which will legalize cannabis for all adults and adopt medical cannabis and cannabis. Legislation will be required by state legislators.
The South Dakota Legislative Research Council estimated that Amendment A could result in $ 29.3 million in tax revenue by the year 20245 of the state. According to the Marijuana Policy Project, sales estimates were not yet available, which is assisting with the South Dakota campaign.
Montana voters will also see two cannabis initiatives on their ballots.
Ballot I-190 will allow adults in the state to buy, buy and use cannabis for entertainment. A separate initiative, CI-118, would establish 21 as the legal age for buying, possessing and consuming cannabis.
If passed, I-190 would institute a 20% tax on recreational cannabis, of which more than half of the tax collections would go to the state general fund and the rest would be allocated to programs such as enforcement, substance abuse treatment and services for the elderly Will be done. The measure would also allow those sentenced for some cannabis-related acts to apply for resuscitation or record abandonment.
According to a fiscal analysis, the state expects recreational cannabis sales to total $ 193 million in 2025, generating $ 38.5 million in tax revenue.
In Mississippi, there are two competing measures to legalize cannabis for medical purposes.
Initiative 65, which was the result of a civil petition, would allow physicians to recommend medical cannabis for patients with any of 22 conditions, such as cancer, multiple sclerosis, and post-traumatic stress disorder. The constitutional amendment would establish a regulatory program for businesses to grow and sell medical cannabis and to tax products at the rate of 7%.
Under Mississippi law, the legislature has the option to amend or draft an alternative measure, and that is what it did here through initiative 65A. Competitive measures Requires medical products that are of pharmaceutical quality, limits the smoking of medical cannabis to those who are mentally ill, and leaves a regulatory framework for future formulation of regulations and legislature .
Marijuana Business Daily officials said that if the initiative is passed 65, by 2024 medical sales could be between $ 750 million to $ 800 million.