Business

Marijuana legalization on the ballot in four states

Share
Marijuana legalization on the ballot in four states

One example of a possible timeline for MI comes from Colorado: Voters approved recreational marijuana in November 2012, but it didn't officially become legal to sell until 2014.

Proposal 1 establishes a 10 percent tax on marijuana products in addition to Michigan's 6 percent sales tax. The ballot measure comes ten years after MI voters approved the use of medical marijuana.

The cash crop is expected to bring in enormous revenue for MI with marijuana and edibles subjected to a 10 per cent tax in addition to the state's regular six per cent sales tax.

MI voters approved a measure permitting people over 21 years old to smoke pot.

Utah voters also gave the nod to medical marijuana. Utah voters also were considering whether to allow medical marijuana and to join the 31 other states that have already done so.

Aside from electing political candidates, citizens in six states states had measures related to the legalization of cannabis.

A Gallup poll released last month found that 66 percent of Americans, the highest level ever in the firm's almost 50 years of surveys on the topic, support marijuana legalization. Adults would be able to sell tax-free marijuana is the bill passes, potentially creating a legal but unregulated marketplace unlike any of the existing systems in place among existing recreational weed states.

In Illinois, Democrat JB Pritzker successfully ran on a pro-legalization platform to unseat first-term Republican Governor Bruce Rauner.

In Utah, the ballots included Proposition 2, the Medical Marijuana Initiative. But Amendment 2 passed with a whopping 66-34, having the most support of the three from advocacy groups, due in part to the measure's allowance for doctors to recommend cannabis for any condition they believe will benefit the patient.

So far, 10 states and Washington, DC, have legalized the full use of marijuana, and 33 states and Washington, DC, have legalized medical marijuana.

While cannabis laws continue to change state by state, primarily through ballot measures, experts note that increasing support across the country could push federal legalization to happen more quickly.

"Encouragingly, support for cannabis achieved bipartisan support past year and Republican support was up 2 percentage points in 2018 to 53 percent", Azer told CNBC last week.

Share