America is seeing green after a historic day for the legal
marijuana industry.
Seven states in all legalized marijuana in some form on
Election Day. California, Maine, Massachusetts, and Nevada showed
up to support recreational marijuana, while Arkansas, Florida,
and North Dakota passed ballot initiatives legalizing medical
marijuana.
A recreational legalization proposal in Arizona brought the
industry’s only loss on Tuesday.
Take a look at our map to see how legalization swept the nation.
Skye Gould/Business Insider
“This is really day one of a decade-or-more-long process of
bringing this industry into the light and getting rid of the
illicit market,” Richard Miadich, one of the authors of
California’s Proposition 64, told Business Insider on Tuesday.
The landmark election brings a few victories for the budding
legal market, which is on pace to hit $20 billion in revenue by
2020, according to the Marijuana Business Daily.
California was the biggest domino to fall in the nationwide
push for legalization. The passage of Proposition 64, which makes
it legal for adults 21 and over to possess and carry up to an
ounce of marijuana, makes the
entire West Coast a legal enclave for recreational pot.
“Western states have led the way on legalizing marijuana but the
victory in Massachusetts powerfully demonstrates that this
movement is now bicoastal and soon to be national,” Ethan
Nadelmann, the executive director of the Drug Policy Alliance,
told Business Insider. “Indeed, I’d wager that the next states to
legalize marijuana will also be in the Northeast.”
Mary
Becker, 21 of Boise, Idaho, inhales hash oil during 420Fest at
the Luxe Nightclub in Seattle, Washington.
Nick Adams/Reuters
The new states will help
create billions of dollars in tax revenue, as well as apply
pressure on the federal government to abandon the failed war on
drugs.
“To be honest, tonight’s vote might be considered the tipping
point for the industry,” said Ben Larson, cofounder of
Oakland-based marijuana startup accelerator Gateway.
“It will likely open up the sizable market that will put the
pressure on the federal government to deal with the scheduling
and banking issues, and it may be the key to unlocking much more
investment and talent waiting on the sidelines,” Larson told
Business Insider.
It will likely take several years to get the new markets up and
running.
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