The cannabis industry has remained incredibly lucrative for some time now, but new updates to legislation around the U.S. has helped to continue the run that the industry is on. The demand for cannabis around North America has remained extremely high, but the only issue that has remained has been that of legislation for various states in the nation. The states that have chosen to legalize the use of cannabis have managed to increase not only their tax base but have also managed to help facilitate the building of multi-billion dollar industries that are here to stay. The near future for cannabis, however, seems to be extremely promising as more and more states look to legalize cannabis’ use.
So far in the U.S., nine states have legalized the use of recreational cannabis including D.C., but more seem to be on the horizon as they see how lucrative it is to do so. The midterm elections are coming up very quickly this November, which means we could see plenty more states in the nation legalizing its use.
The state of Michigan is one that many have been watching to legalize cannabis this coming election. The state supposedly has more than 275,000 confirmed signatures which means that the vote will be on the ballot this coming November. Known as Proposal 1, the bill would allow those over 21 to purchase and possess the cannabis plant. According to one report “Retail sales would be hit with a 10% excise tax, much of which would be disbursed to local governments and the state’s kindergarten-through-12th-grade education system. Residents would also be allowed to grow up to 12 marijuana plants at their residence.” In addition, local municipalities would be able to have some amount of control as to what goes on with the new legislation. One survey has shown that as much as 60% of the population in the state is in favor of the use of legal cannabis and would like to see it legalized in the near future.
The next state on the list is one that may come as a surprise to some as it is considered to be one of the more conservative states in the U.S. North Dakota has stated that they will be voting on whether or not recreational cannabis will be allowed in the state as they have received as many as 14,000 signatures which means that it will be on the ballot. According to one report “The Marijuana Legalization and Automatic Expungement Initiative, which is known as Measure 3, would legalize the recreational use and sale of adult-use weed within the state.” What’s also of note is the fact that if the measure passes, it will expunge the record of those tried for cannabis offenses in the past and help to put them on par with alcohol-related offenses.
All of this news adds up to an air of confidence for the future of the cannabis industry. States like these among others are working to catch up with what the populous of the U.S. would like to see legalized. For now, marijuana looks as though it will continue to be the market of the future.
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