MI voters legalize recreational marijuana
- Author: Eleanor Harrison Nov 08, 2018,
Nov 08, 2018, 2:21
Aside from electing political candidates, citizens in six states states had measures related to the legalization of cannabis. North Dakota voters decided recreational pot wasn't for them, while voters in Missouri passed one of three unrelated measures to legalize medical marijuana. The ballot measure comes ten years after MI voters approved the use of medical marijuana. Per the Associated Press, the 4 percent sales tax would fund veteran health services. "But with legalizations looming - perhaps within the next two years - and more States creating medical and recreational programs, we believe cannabis stocks are on a firm upward trajectory, although there may be a few dips along the way". Businesses would need a state license to sell marijuana and local governments could bar such businesses from opening within their borders.
Senator Elizabeth Warren, who is widely expected to run for the Democratic presidential nomination in 2020, introduced a bipartisan bill in August that would amend the Controlled Substances Act to allow cannabis companies in states where marijuana is legal to open accounts at federally regulated financial institutions and remain exempt from federal persecution.
Residents can also grow up to 12 plants for personal use.
Michigan's vote Tuesday to become the 10th USA state where the recreational use of cannabis is legal is adding more momentum to a trend that some investors now say is inevitable: that marijuana will become legal nationwide within the next 5 years. Each legalized growing, manufacturing, selling and consuming marijuana and marijuana products for medicinal use. "Marijuana has now been legalized for adult use in one out of every five states, so I think it's safe to say federal laws are in need of an update".
MI has become the 10th state to legalize recreational marijuana. The measure would have legalized recreational cannabis for those 21 and over.
According to Cowen Research Group, four states in particular look to have ample runway to legalize cannabis as they now have a Democratic Governor and support from either the state's House and/or Senate. They also say it will allow for greater regulation of pot usage and for the police to focus on more pressing problems. Both states passed amendments that legalize marijuana for people with qualifying illnesses, bringing the total count in the United States to 30 states.
In Florida, 63 percent voted to pass a measure that restores voting rights to 1.5 million former convicts.