Weed stocks are rallying after MI legalizes marijuana for recreational use

Posted November 08, 2018

The latest figure marks the third consecutive year that support on the measure has increased and the highest approval rating to date.

Michigan's legalization of marijuana could create tension with neighboring IN and OH, where voters soundly rejected a 2015 recreational marijuana measure.

"Even with Proposal 1 passing, it's important for MI residents to keep in mind that public consumption and driving under the influence remains strictly illegal".

North Dakota voters are also deciding whether to legalize recreational marijuana on Tuesday. Utah voters also were considering whether to allow medical marijuana and to join the 31 other states that have already done so.

In addition to the recreational market, more states are embracing medical marijuana. The United States Marijuana Index has gained 72.27% over the past year, compared to the 7.08% gain seen by the S&P 500 over the same period. With Missouri and Utah now joining the ranks, medical marijuana is now legal in 32 states.

Voters this evening passed Proposal 18-1 into law, making MI the 10th state to legalize marijuana. "Michigan will be the first state in the Midwest to end marijuana prohibition and replace it with a system in which marijuana is regulated for adult use". Residents would be allowed to grow up to 12 marijuana plants at their home without a license or purchase pot from a licensed business.

Once considered a taboo product, a growing number of Americans support marijuana legalization. So far Vermont is the only state that has legalized recreational use (but not commercial production and distribution) by that route.

Kristin Schrader, 51, a Democrat from Superior Township in Washtenaw County, said she voted to legalize marijuana because she doesn't want people leaving MI to get it.

American executives who have joined the Canadian cannabis industry say that they were motivated in part by the expectation that marijuana will become federally legal in the US within the next few years, a decision that helped them balance out the danger of reputational risk associated with a substance that has always been associated with the black market. More than 60% of Florida voters voted in favor of a measure to restore voting rights to more than a million felons who have completed their sentences, reports CNN.

Voters in three states approved the expansion of marijuana use on Tuesday.

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.