At the start of 2020, more than a dozen states seemed very likely to legalize marijuana for recreational or medical purposes by the end of the year. Now that a coronavirus pandemic has overwhelmed just about every aspect of American life, it seems only a handful of states will be able to enact marijuana reform.
The numbers 11 and 33 come up quite often when the topic of marijuana legalization is discussed. Currently, 11 U.S. states allow the legal use of recreational marijuana, while 33 states have legalized medical cannabis. But those numbers could soon change.
Nine states could be on track to hold key votes on some form of marijuana legalization in 2020. Here are the states that could be next on the marijuana map -- and the stocks that could be poised to profit the most.
As New Jersey’s cannabis legalization talks continue behind closed doors — and some speculate they may fall apart — people in the Garden State are still lighting up joints. According to federal government estimates, 22.2 million Americans have used marijuana in the past month. And depending on where you live and buy, the cost can be considerable.
Acreage Holdings has licenses in 17 states, of which 12 are operational, while the company has licenses to process in 12 states, seven of which are now in operation. The company has licenses to operate 68 retail dispensaries in 12 states, of which 21 are currently operational in 10 states. The Botanist is its retail concept designed to appeal to both adult use and medicinal consumers.
Marijuana initiatives appeared on ballots in four states in the midterm elections. In Michigan and North Dakota, initiatives gave voters the opportunity to legalize marijuana for recreational use. In Missouri and Utah, voters chose whether to allow people who are sick to use the drug for medical reasons.
Here are the results of those initiatives.
Michigan voters legalized the sale and use of marijuana
Voters in Michigan approved a ballot measure to legalize recreational use of marijuana on Tuesday, and two other states — Missouri and Utah — endorsed medical marijuana laws. Voters in North Dakota didn't partake, rejecting a measure to legalize recreational marijuana use.
Now 33 states have legalized marijuana to some degree, and recreational pot use is now legal in 10 states, along with Washington, D.C. But possessing, selling or using marijuana remains illegal under federal law.
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Kevin Sabet, president of the prohibitionist group Smart Approaches to Marijuana, has already signaled that he anticipates at least some defeats after the group spent millions funding anti-legalization campaigns in states with marijuana on the ballot. In a tweet, he wrote that success “doesn’t hang on a ballot measure, a vote, a fleeting day.”
Cannabis legalization goes before the voters in a number of states on Nov. 6. This year’s highlights:
Michigan and North Dakota will decide statewide measures on the legalization of adult-use cannabis.
Utah and Missouri will consider medical marijuana legalization initiatives.
Other states will consider smaller reforms or advisory measures, including Ohio and Wisconsin.
As polls show record support for marijuana legalization, advocates say the midterm elections could mark the point of no return for a movement that has been gathering steam for years.
"The train has left the station," said Rep. Earl Blumenauer, D-Ore., a leading marijuana reform advocate in Congress. "I see all the pieces coming together... It's the same arc we saw two generations ago with the prohibitions of alcohol."