CANNABIS WINS THE US ELECTIONS
The 2020 elections remains one of the most surprising with the amount of records broken. Joe Biden had overwhelming votes which surpassed that of Barack Obama but one of the big surprising winners in this election though is Recreational cannabis. It had a great outing at the ballot box.
States who voted overwhelmingly to clear cannabis for adult use are Arizona, Montana, New Jersey and South Dakota. This has brought the total number of States that have approved the use of recreational marijuana to 15. The massive votes could be said to be tied to the fact that the marijuana industry is projected to bring in huge income when properly harnessed.
Arizona and New Jersey have been projected as billion-dollar markets which saw companies like Curaleaf Holdings and Scotts Miracle-Gro trying to outmaneuver each other in the race that preceded Tuesday’s election. Curaleaf currently operates cannabis businesses in 23 States and is still investing heavily to place a large imprint in Arizona and New Jersey. Scotts Miracle-Gro on its own part is acquiring companies within the hydroponics sector that will see it grow cannabis of all sizes. Scotts according to the State election financial records is seen to have invested $800,000 in its pursuit for the legalization of recreational cannabis in New Jersey in the recent elections.
The legalization of recreational marijuana in these states will see a growth of $9 billion in the industry’s size. This data is provided by the cannabis marking firm New Frontier Data.
Arizona voters gave a resounding “yes” to Proposition 207 which will see recreational marijuana legalized for use for those 21 years and older. This will come with a 16% excise tax on the drug. Arizona currently permits only medical use of cannabis.
Recreational use of marijuana will remain illegal in Mississippi as the option was not brought up for consideration during vote. Instead voters were asked to weigh in on legalizing marijuana for medical purposes to which they gave an overwhelming “yes” to.
Montana saw the possession of the drug capped at one ounce as the legal size to possess. The age of possession of the substance is pegged at 21 years and above.
After the vote for the legalization of marijuana failed in the state legislature, New Jersey voters said “yes” to Question 1 which will see the use and possession of marijuana by 21 years and older legalized. The law also grants permission for marijuana to be cultivated, processed, and sold in New Jersey.
In no later than April 1, 2021, the State of South Dakota is getting the liberty to possess and distribute up to one ounce of marijuana for those who are 21 and older. The State will also form a medical marijuana program for the use, possession and cultivation of plants for people with qualifying medical conditions.
“They passed overwhelmingly; they were not close races. This is a resounding win for cannabis.” John Hudak, a cannabis police expert and deputy director at the Brookings Institution noted while commenting on the number of States that voted for the legalization of cannabis in the elections.