We Threw a Rad Party
Posted on November 4th, 2020 to Entrepreneurialism
This week has been huge for States looking to move on progressive Cannabis reform. Voters have approved ballot measures to legalize recreational marijuana in Arizona and New Jersey, and Montana and both recreational and medical use in in South Dakota. Mississippi has also passed its first Medical Marijuana bill.
New Jersey has approved Question 1 legalizing adult-use marijuana for those 21 and older. The measure authorizes the states existing medical marijuana overseer, the Cannabis Regulatory Commission, to regulate the new market.
Arizona voters have approved Prop 207, the Smart and Safe Act, allowing adults 21+ to possess, consume, or transfer up to one ounce.
‣ Includes home cultivation. (6 plants per adult or 12 plants per household)
‣ Creates a regulatory system for production and sales of cannabis.
‣ Includes social equity provisions to help ensure a representative industry.
‣ Allows for the expungement of past marijuana convictions.
‣ Could generate an estimated $300 million in taxes yearly for Arizona, used to help fund community colleges, public health, transportation, and public safety.
Montana voters have approved Initiative I-190, legalizing the possession and sale of small amounts of cannabis for adult use, and establishing a regulatory system to license canna-businesses. 20% tax on recreational purchases.
South Dakota becomes the first state to legalize both medical AND recreational cannabis – at the same time!
Amendment A: Legalizes possession (up to 1 ounce), cultivation (up to 3 plants), distribution, and use for all adults 21+. Will implement a system of licenses and regulations. Non-medical sales taxed at 15%.
Measure 26: Establishes a medical marijuana program for patients with qualifying health conditions. Creates a regulatory and taxation framework. Patients will be able to possess up to 3 ounces, allowed to grow a (minimum) of up to 3 plants. It appears physicians will be able to prescribe patients the ability to grow more, if necessary.
Voters approved Initiative 65, which will allow physicians to recommend cannabis as a treatment for patients with one or more of 22 qualifying medical conditions, such as cancer, multiple sclerosis [MS] , PTSD, and more.
Medical Marijuana ID cards capped at $50. I-65 establishes a 7% tax on medical marijuana products and creates a regulatory system for administering the program.
If you’re looking to start a business in one of these newly minted legal states, then please fill out the form below and someone from our team will get in touch with you shortly.
CannaPlanners © 2023