MI becomes first Midwest state to legalize recreational marijuana

MI becomes first Midwest state to legalize recreational marijuana

His platform includes legalizing medical marijuana, which voters in 14 of 16 counties across the state signaled support for in advisory referendums on the ballot.

The ETFMG Alternative Harvest (MJ) ETF, which invests primarily in cannabis companies, surged 2.2% ahead of market open Wednesday morning after a 17% gain in the week leading up to midterm elections.

In Michigan, voters will decide whether to approve - for adults aged 21 and older - recreational use and legalize the possession and sale of up to 2.5 ounces of pot.

"We view MI as a particularly important market given the state's substantial population and large medical-use market", Canacord Genuity cannabis analyst Bob Burleson wrote in a note Wednesday morning.

A similar measure was defeated in North Dakota, meaning there are now 10 states - including Colorado, which was the first - that allow recreational use of pot.

The proposal allows people 21 and older to possess, use, and buy cannabis for recreational use.

Utah voters also approved medical marijuana - in a way.

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"Now that more than 30 states have enacted comprehensive medical marijuana laws, it is time for Congress to step up and address the issue at the federal level".

MI residents over 21 years old will soon be able to buy, possess, use, and grow marijuana. If the bill passes, Mexico will become one of the world's most populous countries to legalize marijuana alongside Canada, who opened its doors for business on October 17, 2018.

Under Proposal 1, Michigan's state government will create regulations on: labeling and packaging of marijuana and marijuana products; and the advertising and marketing of marijuana, marijuana products, and marijuana businesses.

So far, 10 states and Washington, DC, have legalized the full use of marijuana, and 33 states and Washington, DC, have legalized medical marijuana.

Three other states had marijuana-related measures on their ballots.

Despite Attorney General Jeff Sessions' ardent attempts to stomp out legal weed, a 2017 Gallup poll showed record-high support for legalizing marijuana from both Democrats and Republicans.

"Encouragingly, support for cannabis achieved bipartisan support previous year and Republican support was up 2 percentage points in 2018 to 53 percent", Azer told CNBC last week. As there's no list specifying qualifying illnesses or disorders, doctors will be allowed to recommend medical cannabis to patients as they see fit.

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