MI vote to legalize pot fires up investor momentum behind cannabis

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Abortion. Alabama voters passed an amendment to the state constitution recognizing "the rights of unborn children, including the right to life", while West Virginia said yes to a measure banning Medicaid from funding abortions, the Los Angeles Times reports. North Dakota voters decided recreational pot wasn't for them, while voters in Missouri passed one of three unrelated measures to legalize medical marijuana. 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. 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.

MI legalized recreational marijuana, and while North Dakota rejected a similar measure, both Missouri and Utah voted in favor of medical marijuana. The proposal also legalized commercial sales of marijuana through state-licensed retailers subject to a 10 percent tax.

READ: Recreational marijuana legalized in Michigan: When will it be legal, what's next?

The state will have up to two years to develop the rules and regulations for marijuana businesses, to accept applications, and grant those first licenses.

A similar measure was defeated in North Dakota, meaning there are now 10 states that allow recreational use of pot - Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, Washington - plus the District of Columbia.

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Voters this evening passed Proposal 18-1 into law, making MI the 10th state to legalize marijuana.

"Michigan will be the first state in the Midwest to end marijuana prohibition and replace it with a system in which marijuana is regulated for adult use", Marijuana Policy Project deputy director Matthew Schweich, who directed the legalization campaign, said in a statement. The measure would have legalized recreational cannabis for those 21 and over. The majority voted in favor of legalization either medicinal or adult-use of marijuana, which signals state officials that they should proceed with the necessary reforms.

Nationwide, 66 percent of Americans now support the legalization of marijuana according to a recent poll from Gallup.

So even though Utah voted yeson Proposition 2 - which would have allowed medical marijuana patients to cultivate cannabis plants, allowed for more dispensaries, and included a more expansive list qualifying conditions for a prescription - the compromise pushed by the Church of the Latter Day Saints cuts back on all of it.

Amendment 2 follows the footsteps of previous state medical legalization. If the bill passes, Mexico will become one of the world's most populous countries to legalize marijuana alongside Canada, who opened its doors for business on October 17, 2018.

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