Voters in several states will decide in November whether to legalize recreational marijuana for adult use. If all the initiatives pass, nearly half of all states will allow their residents to legally use marijuana for recreational consumption.
Ballot initiatives that would set up legal markets for recreational marijuana sales have been approved, or are awaiting expected final approval, in Arkansas, Maryland, Missouri, North Dakota and Oklahoma.
South Dakota voters will face a ballot initiative that would legalize personal possession and home cultivation, but it wouldn’t create a regulated commercial market, similar to that of Washington, D.C.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Meanwhile, a medical marijuana initiative stands a good chance of getting on the ballot in Nebraska.
Ballot referendum efforts this year have focused on recreational marijuana, given that most states already have legalized medical cannabis.
Currently, 19 states plus the District have legalized marijuana for adult recreational use.
Based on increasing public support for legalization, the ballot initiatives all have a strong chance of passing. More than two-in-three Americans (68 percent) support legalizing marijuana, according to a November 2021 Gallup poll. That’s up from 48% a decade ago.
Still, it’s not a given that all the initiatives will quickly become law, as legal challenges could delay or derail their rollout.
Legalizing marijuana has become a bipartisan issue (and a new opportunity for investors to consider). While Democrats generally support legalization at a higher rate than Republican voters do, most of this year’s ballot initiatives are in states where Republicans control the state legislature and the governor’s mansion.
If you're wondering whether Congress will step in and just make pot legal nationwide, forget it. Senate Majority Leader Chuck Schumer (D-NY) has introduced such a bill in the Senate, but it has zero chance of passing. Plus, President Joe Biden has said he opposes legalization.
-
Stock Market Today: Cautious Investors Let Stocks Drift LowerMarkets weigh encouraging trends for earnings and tariffs against concerning signals from U.S. consumers.
-
A Smart Way to Combat Economic RollercoastersSavings With rates on CDs remaining high for now, a CD ladder allows you to maximize your returns with flexibility to your cash when you need it.
-
Future U.S. Economic Growth Hinges on ImmigrantsThe Kiplinger Letter With the native birthrate slipping, employers are increasingly relying on foreign-born workers to staff up.
-
Farmers Face Another Tough Year As Costs Continue to Climb: The Kiplinger LetterThe Kiplinger Letter Farm income is expected to decline for a second year, while costs continue to up-end farm profitability.
-
10 Predictions for 2024 from The Kiplinger LetterThe Kiplinger Letter As 2023 wraps up, here are 10 big predictions for the new year.
-
15 Cancer Drugs Are in Short Supply, FDA reports: The Kiplinger LetterThe Kiplinger Letter The U.S. is working to address cancer drug shortages caused by manufacturing and supply chain woes.
-
Is the Economy Inching Toward a Recession?: The Kiplinger LetterThe Kiplinger Letter The odds of the U.S. tipping into a recession could depend on how a few key issues are resolved in the coming months.
-
How A Government Shutdown Could Affect YouA government shutdown would put tens of thousands of federal workers on furlough and interrupt certain services.
-
Investments In U.S.-Made Drone Technology Are Gaining Strength — The Kiplinger LetterThe Kiplinger Letter The U.S.-Made drone aircraft, software sector has been boosted by a crackdown on Chinese drones amid security concerns.
-
The 10-Year Rule for Inherited IRAsKiplinger Tax Letter The IRS’ interpretation of the 10-year clean-out rule on inherited IRAs can be complicated.
