Voters in New Jersey, Arizona, South Dakota, Mississippi, and Montana legalize potential $2.5+ Billion Cannabis Markets
Voters Approve New Cannabis Markets
“The marijuana industry appeared headed for a clean sweep on Election Day, with voters approving new cannabis markets in Arizona, Mississippi, Montana, New Jersey and South Dakota that could generate more than $2.5 billion in medical and recreational cannabis sales a year by 2024,” according to Jeff Smith of Marijuana Business Daily.
New Jersey, Arizona, Montana and South Dakota represented the 12th, 13th 14th and 15th states in the country to legalize recreational marijuana markets, according to media projections. Voters also approved new medical markets in Mississippi and South Dakota, capping a 100 percent win rate for state legalization ballot measures in the 2020 election.
In New Jersey, marijuana which had been legal for medical use, will become permitted for all adults in 2021. Right now the state only has 11 approved vendors able to sell the product, so one can expect huge growth
The Presidential Race Remained Undecided
“On the federal scene, the presidential race remained undecided early Wednesday. And Republicans were hanging on to control of the U.S. Senate, but some of the pivotal races also were too close to call. Marijuana advocates believed that the Senate flipping to Democrats would accelerate federal marijuana reform, but as of 1:30 AM ET Wednesday, that looked like a long shot,” reported Smith.
What do you think is next for Cannabis markets?