MI becomes first Midwest state to legalize recreational marijuana

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While there is still considerable room for liberalizing marijuana policy by initiative, the focus increasingly will shift to legislatures in states such as New Jersey, New Hampshire, and New Mexico.

At some point, Congress will have to officially recognize what's going on by reconciling federal law, which still prohibits marijuana in any form for any goal, with state laws that tolerate medical or recreational use.

Voters in four states are casting ballots on measures to legalize marijuana Tuesday, further testing the Trump administration's stance on the subject following the federal government's reversal of Obama-era law enforcement policies. By her calculation, after factoring in MI, the total addressable market for adult, medical, and illicit use of marijuana will be $24.5 billion by 2030.

Recreational marijuana advocates were lighting up and passing joints in Detroit after a ballot proposal passed to legalize pot. It is the first Ontario-bordering state to legalize recreational cannabis.

A recreational marijuana measure in North Dakota, Measure 3, would also legalize possession and sale of the plant, albeit without implementing a state-wide system to tax and regulate purchases. "But with legalizations looming - perhaps within the next two years - and more States creating medical and recreational programs, we believe cannabis stocks are on a firm upward trajectory, although there may be a few dips along the way". The majority voted in favor of legalization either medicinal or adult-use of marijuana, which signals state officials that they should proceed with the necessary reforms.

Several states were added to the growing list of legal places to smoke marijuana.

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MI became the 10th USA state - and first in the Midwest - to legalize recreational pot.

With every election, the United States gets a step closer to a nation of legal recreational weed. 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.

"Investors believed cannabis stocks were over-valued ahead of legalization, and then the stocks rocketed upward as legalization neared and took effect".

Nationwide, 66 percent of Americans now support the legalization of marijuana according to a recent poll from Gallup. He says it will ultimately be up to them, but he's hoping to get most to opt out. Amendment 3, which would have imposed a 15 percent tax and set up a research institute benefiting its author, was easily defeated, while Amendment 2 had 65.5 percent support, and Proposition C had 56.5 percent.

In Florida, 63 percent voted to pass a measure that restores voting rights to 1.5 million former convicts.

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