MI voters legalize recreational marijuana use

by Ben Pena November 8, 2018, 0:16
MI voters legalize recreational marijuana use

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

"We fully expect a successful regulated market to eventually develop around cannabis, and when it does, we expect it will disproportionately benefit the strongest innovators with well-branded products & robust supply chains", said Bonnie Herzog, an analyst at Wells Fargo who is bullish on the shares of Constellation Brands.

The election results boosted US and Canadian pot stocks with Tilray Inc.

MI voters approved a measure permitting people over age 21 to smoke pot recreationally. The total legal U.S. market is expected to hit about US$11b in sales in 2018.

In Michigan, passage of Proposal 1 would legalize marijuana use and possession for adults 21 while paving the way for the state to set up a system for taxing and regulating retail sales. "You could get a cluster effect".

Opponents say legalizing marijuana would lead to increased use by children, drug abuse and vehicle crashes.

"We want to make sure that at a state level, if Roe vs Wade is overturned, that the Alabama Constitution can not be used as a mechanism by which to claim that there is a right to abortion", Fridy told Fox News in an August interview. In the USA, meanwhile, the steady creep of legalization has companies buying up licenses and expanding operations.

North Dakotans passed an initiative allowing the use of medical marijuana in 2016 but the state has been slow to approve dispensaries.

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The expansion of legal marijuana continued apace in Tuesday's elections, with medical marijuana initiatives winning in Missouri and Utah and recreational marijuana winning in MI.

Because voters chose not to add any restrictions, the state law will remain as it now stands, allowing the city to have up to eight retail marijuana stores. Some in the industry see federal legalization of medical marijuana as the best path to ending prohibition in the United States, which has held big banks and institutional investors on the sidelines.

Unlike Michigan's measure, North Dakota's rejected measure didn't receive any significant funding from outside groups. More than 60 per cent of Americans support making pot legal, but with cannabis still illegal on a federal level, the politics remain fraught. (TLRY.O) jumping 6.3 per cent in early Wednesday trading, while Aurora Cannabis Inc.

Tuesday's 2018 midterm elections was a big success for cannabis advocates.

Drug reformers pronounced themselves pleased with the results and pressed for federal action to end marijuana prohibition.

The chances that such a bill will get through the House have improved since yesterday.

After all, our upstairs neighbors in Canada championed nationwide marijuana reform by passing a legalization bill in June.

"You'll see huge pressure for them to do something", he said.

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