Published: Thu, November 08, 2018
Finance | By Kristine Clayton

MI voters legalize recreational marijuana

MI voters legalize recreational marijuana

Adding two more states with medicinal marijuana would mean nearly 70 per cent of Americans could have access to the drug for that objective.

People 21 and older will be allowed to carry 2.5 ounces of marijuana on their person, store 10 ounces at home and grow up to 12 plants per residence.

MI voters said "Yes" to Proposal 1, making the state the first in the Midwest to legalize recreational cannabis cultivation and use for those 21 years of age and older.

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. (ACB.TO) was up 3.3 per cent and Canopy Growth Corp. (TLRY.O) jumping 6.3 per cent in early Wednesday trading, while Aurora Cannabis Inc.

This will instate a regulated system of cannabis cultivation and sales. 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.

MI legalized recreational marijuana, and while North Dakota rejected a similar measure, both Missouri and Utah voted in favor of medical marijuana.

Including Michigan, 10 states and the District of Columbia have legalized recreational marijuana. That announcement sent pot shares plunging three days after California became the largest jurisdiction to legalize recreational use.

In Alabama, an amendment to the state's constitution will formally "recognize and support the sanctity of unborn life and rights of children, including the right to life" The Republican-backed Amendment 2 does not specifically outlaw or restrict abortion in Alabama. The latest figure marks the third consecutive year that support on the measure has increased and the highest approval rating to date.

Recreational marijuana advocates were lighting up and passing joints in Detroit after a ballot proposal passed to legalize pot. Legalization won in MI by almost 12 points, while the medical marijuana measures won by 14 points in Oklahoma, by more than six points in Utah, and by 31 points in Missouri.

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. Fifty-six percent voted in favor.

Medical marijuana was first approved by MI voters back in 2008. New York may be the next state to approve medicinal or recreational marijuana usage, with New York State health officials reporting that "the positive effects of regulating an adult marijuana market in NYS outweigh the potential negative impacts".

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