Published: Thu, November 08, 2018
Markets | By Erika Turner

Michigan Voters Legalize Marijuana

Michigan Voters Legalize Marijuana

But the Michigan Legislature still has to write laws that will govern the state's licensing system for marijuana businesses, and then the businesses will have to get proper licensing. The official vote total is 2,285,364 in favor of legalizing recreational marijuana in MI.

MI voters approved a measure permitting people over 21 years old to smoke pot.

"Thanks to the unflagging efforts of patients and advocates, Missourians who could benefit from medical marijuana will soon be able to use it without fear of being treated like criminals", said Matthew Sweich, deputy director of the Marijuana Policy Project.

Cannabis stocks had already risen Wednesday after MI voted to legalize recreational marijuana and Missouri approved medical pot.

In addition to the recreational market, more states are embracing medical marijuana.

Supporters of Proposal 1 say it will align with the state's new regulatory system for medical marijuana businesses and raise roughly $130 million in additional tax revenue each year that can go toward road repairs, schools and local governments.

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MI voters legalized recreational marijuana use for residents over the age of 21 with retail sales of the product subject to a 10 percent tax. Ten days after that certification, people age 21 or older will be allowed to have, use and grow the drug, but the process of establishing regulations for its retail sale could take about two years.

Marijuana is illegal under federal law, though the Obama administration advised prosecutors against pursuing related cases in states that have passed legislation permitting the plant for medical or recreational purposes.

Once considered a taboo product, a growing number of Americans support marijuana legalization.

A similar measure was defeated in North Dakota, meaning there are now 10 states that allow recreational use of pot. It would, however, have legalized cannabis for residents 21-years-old and over, and expunged old convictions for cannabis possession. Both states passed amendments that legalize marijuana for people with qualifying illnesses, bringing the total count in the United States to 30 states.

Amendment 2 follows the footsteps of previous state medical legalization. The most straightforward approach I've seen is the Respect State Marijuana Laws Act, a one-sentence bill sponsored by Rep. Dana Rohrabacher (R-Calif.) that makes the federal marijuana ban inapplicable to anyone acting in compliance with state law.

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