Cannabis stocks, already bolstered by wins in the midterm elections, got an added boost when anti-pot Attorney General Jeff Sessions announced his resignation Wednesday afternoon.
Michigan's legalization of marijuana could create tension with neighboring IN and OH, where voters soundly rejected a 2015 recreational marijuana measure. MI will also levy a tax on the sale of recreation cannabis. 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.
Utah voters also gave the nod to medical marijuana. The former group now includes MI, the first state in the Midwest to allow recreational use, and the latter group now includes Missouri and Utah.
Because voters chose not to add any restrictions, the state law will remain as it now stands, allowing the city to have up to eight retail marijuana stores.
Just like the states that legalized before MI, businesses looking to operate dispensaries and the like will have to be state licensed marijuana.
The support for the proposal was overwhelming with many people interested in the new measure for its economic benefits. MI just joined nine other states, the District of Columbia, and Canada in legalizing recreational marijuana. A Gallup poll found that 72 percent of Democrats and 51 percent of Republicans support legalization. The constitutional amendment will allow patients with cancer, HIV, epilepsy and other conditions access to the drug. The initiative requires all marijuana and marijuana products to be tested for safety and includes strict tracking requirements to ensure that marijuana is not diverted into the unregulated market. Proposition 2 was passed with 53 percent of the vote.
Just yesterday, Senator Olga Sanchez, Mexican President-elect Andrew Manual Lopez Obrador's choice for interior minister, announced plans to submit a recreational marijuana bill to Congress.