Sheriff: Marijuana Legalization Will Change The Face Of Michigan
08 November, 2018, 02:23 | Author: Brooke Harris
Utah's medical legalization effort is a bit complicated: Despite what Utah voters decided on Proposition 2, the governor will still call for a special legislative session to craft an alternative, more limited bill. Today, some analysts are questioning the valuation of United States cannabis stocks.
The ballot measure approved Tuesday will allow people age 21 or older to buy, grow and use the drug. The United States Marijuana Index has gained 72.27% over the past year, compared to the 7.08% gain seen by the S&P 500 over the same period. The total legal United States market is expected to hit about US$11b in sales in 2018. In Michigan, any household with at least one adult 21 and older is allowed to grow 12 plants.
"Michigan can act as an anchor", he said.
Opponents, including many law enforcement agencies, prosecutors, chambers of commerce and religious groups, said legalizing marijuana would lead to increased use by children, drug abuse and auto crashes. Other cannabis-related stocks in both the USA and Canada also gained. In the USA, meanwhile, the steady creep of legalization has companies buying up licenses and expanding operations. "But with legalizations looming - perhaps within the next two years - and more States creating medical and recreational programs, we believe cannabis stocks are on a firm upward trajectory, although there may be a few dips along the way".
Proposals legalizing marijuana for medicinal purposes are pending in Missouri and Utah, meanwhile, where their passage would increase the number of states that permit medical cannabis from 31.
In Missouri, voters will be asked to chose between three separate proposals legalizing medical marijuana to varying degrees. But the Michigan Legislature still has to write laws that will govern the state's licensing system for marijuana businesses, and then the businesses will have to get proper licensing. More than 60 per cent of Americans support making pot legal, but with cannabis still illegal on a federal level, the politics remain fraught.
In the aftermath of the midterm elections, attention in the cannabis industry is turning to Congress and the 2020 presidential ballot.
Drug reformers pronounced themselves pleased with the results and pressed for federal action to end marijuana prohibition. 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.
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