Unifying Winner: Cannabis
November 9, 2020
November 9, 2020
What a week for the cannabis industry — a clean sweep in all 5 states with ballot initiatives!
The big, unifying winner in the 2020 election was cannabis. – Jay Czarkowski
From the East Coast to the Deep South, across to the Southwest and Midwest, and up to the Big Sky country, the support for cannabis was clear. The passage of ballot initiatives in five states is expected to boost the industry by $2.5 billion in sales by 2024.
“With the passage of these initiatives, one-third of the population now lives in jurisdictions that have legalized cannabis for adult use, and 70% of all states have embraced cannabis for medical use,” Steve Hawkins, executive director of the Marijuana Policy Project (MPP), said in a statement.
New Jersey and Arizona passed Adult-Use after a few close tries, with New Jersey expected to be the “domino” that pushes other East Coast states to follow suit. South Dakota was the first state to pass medical marijuana and Adult-Use at the same time. And, wins in conservative bastions of Mississippi and Montana prove that support for medical marijuana is nearly ubiquitous.
Lots of details are still to be mapped out in each state, but our team of experts is keeping a close eye on developments and will post the latest updates to help guide cannabis entrepreneurs through the complexities of the new state- and local-level cannabis programs.
Updated for 2021:
States continue to develop and release details about their new cannabis programs. New Jersey cannabis licensing and New York licensing details are expected soon. Watch our legislative and licensing updates for the very latest news on how to compete for a cannabis license.
Source: Marijuana Business Daily