Permitted retail sales of marijuana and edibles will be subject to a 10 percent tax, dedicated to implementation costs, clinical trials, schools, roads and municipalities where marijuana businesses are located. According to state law, ballot initiatives go into effect 10 days after results are certified, which can take up to three weeks from Election Day. That puts formal legalization on track for December.

Utah and Missouri passed measures on Tuesday to provide access to medical marijuana.

Sixty-six percent of Americans now support legalizing marijuana, according to the latest Gallup poll. That’s a record high and was the third consecutive year that support for legalization has increased to record levels. A 2008 ballot initiative made Michigan the 13th state to legalize cannabis for medical use.

Earlier this year, Vermont joined a growing list of states allowing recreational use, Oklahoma voters in June overcame late opposition to overwhelmingly approve medical use and New York State health officials told Gov. Andrew Cuomo this summer that “the positive effects of regulating an adult marijuana market in NYS outweigh the potential negative impacts.”

Ten states and the District of Columbia have now approved recreational use of pot. A bid to legalize recreational cannabis in North Dakota was defeated. The approvals for recreational and medical marijuana use in multiple states is notwithstanding a federal prohibition on cannabis and criticism from President Donald Trump’s attorney general Jeff Sessions.

Marijuana proponents will also get relief from the the defeat of Rep. Pete Sessions, the Texas Republican who blocked pro-marijuana legislation several times while he was chairman of the House Rules Committee.

READ  Retail sales likely bounced back on expected higher spending on gasoline, cars

Along with the Michigan yes vote, Democrats winning control of the House should also help the industry.

“While we expect the Senate to remain Republican, the prospects for moving cannabis legislation are better if the House can pass bills,” Vivien Azer, a Cowen analyst covering the cannabis industry, told CNBC on Tuesday before the midterm results. “Given popular support for cannabis legislation and a preference by many Senate Republicans to respect state’s rights, a GOP Senate could advance a cannabis bill.”

WATCH: Six experts on whether the cannabis craze is a boom or bust



READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here