Published: Thu, November 08, 2018
Markets | By Josh Butler

These are the next 4 states to legalize marijuana

These are the next 4 states to legalize marijuana

In Missouri, voters passed one of three unrelated medical marijuana measures that made it onto the ballot.

Of the 20 states where voters have the power to pass legislation by initiative, 16 have already legalized marijuana for medical or recreational use. Medical marijuana was first approved by the state in 2008, making it the 13th state to legalize medical cannabis.

The ETFMG Alternative Harvest (MJ) ETF, which invests primarily in cannabis companies, surged 2.2% ahead of market open Wednesday morning after a 17% gain in the week leading up to midterm elections.

With every election, the United States gets a step closer to a nation of legal recreational weed. While branded Ontario Cannabis Stores have yet to materialize - they are expected in 2019 - Ontario residents looking to purchase government-sanctioned marijuana have done so online, a process complicated by Ontario Post strikes and sky-high demand.

MI would be the first U.S. Midwest state to allow its residents to purchase and consumer cannabis legally.

MI has become the first state in the Midwest to approve recreational use of marijuana.

"It's going to take about a year before we have commercial implementation of this system", said Hank.

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Seven other states have legalized medical but not recreational marijuana: Arizona (where a legalization intiative failed in 2016), Arkansas, Missouri, Montana, North Dakota (where a legalization initiative failed yesterday), OH (where a legalization iniative failed in 2015), and Oklahoma. But the passage in MI gives it a foothold in Middle America and could cause tension with neighboring in and OH, which overwhelmingly rejected a 2015 legalization measure.

The Justice Department did not immediately return a message seeking comment.

The only defeat for marijuana reform last night came in North Dakota, where voters just two years ago approved medical use by a whopping 28-point margin.

Proposal 1 allows marijuana to be regulated like alcohol. Amendment 2 sets a marijuana tax of 4 percent, but doctors are allowed to recommend marijuana for any condition they see fit.

While cannabis laws continue to change state by state, primarily through ballot measures, experts note that increasing support across the country could push federal legalization to happen more quickly.

In Ohio, six cities had local cannabis decriminalization measures, with five voting in favor of decriminalization.

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