Graphic by Leafly.
Even when the results for who will be the next president of the USA were still being counted and were too close to call, there were victories worth celebrating! On Election Day, significant progress was made in state-by-state cannabis legalization.
New Jersey, Arizona, Montana, and South Dakota have become the 12th, 13th 14th and 15th states in the country to legalize adult recreational use of THC-based cannabis. Analytical firms are forecasting $2.5 billion in new sales revenue generated in those states by 2024. With COVID-19 still plaguing our economy and decimating the job market, the development of the cannabis industry will be very helpful in creating quality jobs and fruitful opportunities.
Legalization in New Jersey is worth a lot of attention since it applies extra pressure on its surrounding states such as New York and Pennsylvania, which are determined not to be left behind. As covered in our last month’s newsletter, the states that legalize cannabis stand to generate significant revenues that will also be helpful to fill in some of the budget deficits that have grown ever-larger during the pandemic.
It is also important to note that a predominantly conservative state of Mississippi has voted to legalize THC-based cannabis for medical use! This is significant for several reasons. Most importantly, because people with serious medical conditions will finally have access to plant-based relief and therapies which have been helpful to millions of people across the 35 states that already provide access to cannabis for medical use. Secondly, the legalization of medical cannabis in Mississippi is seen as a clear sign that even in the conservative Deep South there is an evolution of perspective and laws pertaining to this medicinal plant.
In a time marked by the polarized split between Red and Blue, we are celebrating the unifying force of green!