MI vote to legalize pot fires up investor momentum behind cannabis

Marijuana legalization on the ballot in four states
Michigan Voters Legalize Marijuana
Author

08 November, 2018

Nonetheless, pressure will continue to mount on lawmakers to ease restrictions, particularly as more countries move forward with medical cannabis, according to Chris Walsh, vice president of Marijuana Business Daily.

MI voters said "Yes" to Proposal 1, making the state the first in the Midwest to legalize recreational cannabis cultivation and use for those 21 years of age and older. Here's a rundown of the results.

Cowabunga! With 55 percent of precincts reporting as of 11:40 p.m., 57.7 percent of voters had voted "yes" on Proposition 1, according to the New York Times.

Proposal 1 allows cities and towns to regulate, ban, or limit the number of marijuana businesses in the community.

It will also be legal to give someone else 2.5 ounces of marijuana. And while a majority of legal states only allow the cultivation of six cannabis plants per individual, MI will allow 12. Greenlee says these efforts have been successful in other states.

"To pass this initiative and create a legal medical marijuana program in Utah, it's as jarring as seeing Mother Teresa show up at a casino", said Hadley Ford, chief executive officer at iAnthus Capital, in an email to BNN Bloomberg. A similar measure in North Dakota, however, appears destined for defeat, though Legalize ND campaigners say they won't concede until all votes are counted-and if the measure does fail, they will try again in 2020, the Grand Forks Herald reports.

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Amendment 2 was passed with a margin of 66 percent to 34 percent. Doctors can prescribe cannabis products for various symptoms, and patients can either buy it or grow it at home.

The Associated Press has not called the race. The taxes collected would be used to fund a "state institute" to research "presently incurable diseases". The state will have strong regulations in place to ensure businesses are not marketing to children. Missouri also voted to legalize medical marijuana Tuesday.

By her calculation, after factoring in MI, the total addressable market for adult, medical, and illicit use of marijuana will be $24.5 billion by 2030.

North Dakotans passed an initiative allowing the use of medical marijuana in 2016 but the state has been slow to approve dispensaries. It is the first Ontario-bordering state to legalize recreational cannabis. Voters in a number of Wisconsin localities, including the population centers of Madison and Milwaukee, overwhelmingly approved non-binding referenda calling for marijuana legalization, while voters approved decriminalization in five out of six OH cities where it was on the ballot, including Dayton.

Medical marijuana has been legal in MI since voters approved its use in a 2008 ballot initiative.


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