It is no secret that marijuana legislation has continued to gain momentum in the United States this year. In December of last year, International Business Times predicted that at least 10 states in the United States would vote on some form of marijuana legislation during the year 2016. Just today, the Motley Fool has reported that the number of states voting on some form of marijuana legislation by November has jumped to at least 12.
In total, The Motley Fool reported three states are locked in to vote on marijuana legislation this November. One of the other nine states appears to be getting marijuana legislation voting locked into place, and the other eight states are in the process of getting enough signatures to get marijuana legislation on the ballot.
These Three States Are Guaranteed To Vote On Marijuana This November
Nevada: Heading into the year 2016, Nevada was the only state in the U.S. guaranteed to vote on marijuana legislation this year. Nevada’s recreational-marijuana initiative was approved to be added to the ballot back in November of last year. The initiative aims to make it legal for adults over the age of 21 to use cannabis for recreational purposes. If the initiative is approved, an excise tax of 15 percent would be used to help support the K-12 education budget of the state of Nevada.
Florida: Florida’s medical-marijuana initiative ended up collecting just shy of 700,000 signatures by the end of January. If approved, this law would limit the use of medical marijuana to “debilitating” medical conditions, which would have to be defined by a doctor as such.
Maine: About a month ago, Maine announced that it had gained enough signatures to get a recreational-marijuana initiative on the ballot for November. If passed, the state would have an excise tax of 10 percent on all recreational marijuana sales.
While it is not official yet, California may be locked in to vote.
California: While it has not been made official, it appears as though California residents will be able to vote on whether or not recreational marijuana should be legal. A total of 600,000 signatures were obtained and 365,880 signatures were required to get the initiative on the ballot.
“You can rest assured this will be on the November ballot.”
Lieutenant Governor Gavin Newsom assured the residents of California that they would have the opportunity to vote for whether or not recreational cannabis should be legal in the state this year.
These Eight States Are Still Gathering Signatures
Arizona: The residents of Arizona have until July 7 to collect another 50,000 signatures if they want to get recreational marijuana on the ballot for November of this year.
Arkansas: Arkansas residents need to collect about 20,000 more signatures to get medical marijuana on the ballot for November of this year.
Massachusetts: The residents of Massachusetts have set out to legalize the use of recreational cannabis. Initially, the state needed just shy of 65,000 signatures – which was easily acquired – to get this initiative on the ballot. However, the legislature was not able to get the initiative enacted, so the residents are required to get another 10,792 signatures by June 22 of this year if they want it to be on the ballot.
Michigan: In regards to the state of Michigan, everyone is just waiting for an announcement to be made as the residents were required to get 252,523 signatures by the first of June to get on the November ballot. If the residents got enough signatures, there would be a 10 percent tax on recreational marijuana sales in the state.
Missouri: If the medical marijuana legislation is approved in Missouri, it would legalize the use of medical marijuana and impose a 4 percent tax on all retail sales. The proceeds of the taxes would be used to help pay for health care of veterans. The needed signatures have been submitted, they are being reviewed for validity at this time.
Montana: The state of Montana is currently collecting signatures for several different recreational marijuana initiatives. If multiple make it to the table, legislators would be responsible for choosing one to make the ballot. If legalized, marijuana would be available for purchase for adults over the age of 21. There would be a 20 percent tax on all retail sales.
North Dakota: North Dakota also wants to pass legislation for recreational marijuana use. The bill wants to make the maximum tax on recreational marijuana 20 percent. The bill is also proposing that the state is not allowed to require a license to grow, use possess, or distribute marijuana.
Oklahoma: Oklahoma is looking to legalize the licensed growth and use of medical cannabis. This legislation requires 65,987 signatures in order to make it on the ballot for November. This particular legislation has made two other attempts to get on the ballot, but was unable to get enough signatures.
The Motley Fool reports even though marijuana legislation is continuing to expand in the United States, investing in marijuana stocks may still not be the best idea.
What do you think of marijuana becoming more and more legal in the United States?
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