Photo by Tiffany Tertipes on Unsplash
In today’s election, voters in five U.S. states will decide whether or not to legalize cannabis for either medical or adult-use – or both, in one case – and establish regulated commercial markets for its production and sale.
As always, the initial approval of legalization measures by voters will not impact current wholesale prices and trading in existing legal markets. However, in states such as Arizona, which already has a medical cannabis program, wholesale flower prices may be impacted as the opening of adult-use sales approaches, depending on how the new market will be structured. (Assuming that the legalization ballot measure is approved.)
ARIZONA
Proposition 207 would legalize cannabis for adult-use.
MONTANA
Initiative No. 90 would legalize cannabis for adult-use.
MISSISSIPPI
Initiative 65 and Alternative 65A are separate ballot measures that would both legalize medical cannabis, but under very different terms.
According to Ballotpedia, “Under Initiative 65, medical marijuana could be recommended for patients with at least one of the 22 specified qualifying conditions including cancer, epilepsy or seizures, Parkinson’s disease, post-traumatic stress disorder (PTSD), Crohn’s disease, HIV, and more. Patients could possess up to 2.5 ounces of medical marijuana at one time. Smoking marijuana would be prohibited in public places. Marijuana sales under Initiative 65 would be taxed at the state’s sales tax rate, which is 7% as of 2020.”
Meanwhile, “Alternative 65A does not specify qualifying conditions, possession limits, or a tax rate, leaving these and other details to be set by the state legislature. Alternative 65A would restrict the ability to smoke marijuana to terminally ill patients. It would also require marijuana products to be produced by state-licensed manufacturers at a pharmaceutical grade; treatment to be overseen by licensed physicians, nurses, and pharmacists; and patients to be enrolled in a registry.”
The Ballotpedia analysis notes that Alternative 65A was placed on the ballot by the state’s Republican-majority legislature after Initiative 65 was approved for the ballot by gathering voter signatures. Backers of Initiative 65 are accusing those behind Alternative 65A of attempting to confuse voters and dilute support for Initiative 65.
NEW JERSEY
Public Question 1 would legalize cannabis for adult-use.
SOUTH DAKOTA
Voters in South Dakota will decide whether or not to legalize cannabis for both adult-use and medical purposes.
Constitutional Amendment A would legalize cannabis for adult-use.
Initiated Measure 26 would legalize cannabis for medical use.