Bloomberg Businessweek November 9, 2020 pp20 |ELECTION| “WEED WAS A CLEAR WINNER” “Legalization victories in five states could speed the march toward national acceptance”
Key Points
· Marijuana ballot measures passed where proposed November 3 including for recreational use-Arizona, Montana, New Jersey, South Dakota and medical use in Mississippi and South Dakota. Recreational use now OK in 15 states and medical use “almost nationwide.” Neighboring states of New Jersey and others may follow on especially New York and Pennsylvania.
· Annual market could rise to $3B potentially bringing some tax relief to state coffers especially challenged in the COVID era. Some of the tax revenue may be used to fund addiction recovery in Oregon.
· “The politics of pot had become entwined with the social justice wave…”. Oregon has extended “decriminalization” for “possession of small quantities of heroin, meth, and other street drugs…”. In D.C. voters approved making enforcement a lower police priority. “Montana’s initiative will let people convicted of marijuana offenses apply for resentencing or the expunging of records; Arizona’s includes a process to expunge pot-offenses as well.”
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