09 Nov Cannabis Initiatives Pass

Somewhat lost in the shock of President-elect Trump’s win yesterday was some great success in 8 states voting on medical or recreational cannabis legalization. Only Arizona turned down their proposition on recreational pot. But Massachusetts, California and Nevada all approved allowing recreational use by adults. And Florida, Montana, North Dakota and Arkansas join the 25 other states that have approved medical marijuana.

California, of course, is the big one. In all these states it will take a few years to write regulations, issue licenses and get additional grow facilities up and running. Those who are starting dispensaries or grows will have to make sure they can handle their overhead and costs until revenues are possible. Will this impact the Denver “weed tourist” business when other major tourist destinations (like Vegas or LA) will have recreational pot? It will be interesting to see if states try to compete for cannabis dollars, whether through easier regulatory burdens or the like.

Now that a majority of states are on the board, how long before (i) most/all states approve medical and then recreational, (ii) the Feds re- or de-schedule cannabis from a Schedule I drug as harmful as heroin, and (iii) federal criminal statutes on marijuana are repealed? I don’t know, and it’s not totally clear how the new President feels. I do know I’m pretty amazed at how quickly both public attitude towards and state approvals for legal marijuana have taken hold in our country.