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 Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of Kiplinger’s 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 (09/30/22): Stocks Sell Off to Close a Disastrous September
The stock market's latest slide occurred as inflation data came in hotter than expected.
-
The Most Expensive Natural Disasters in U.S. History
Economic Forecasts Wind, water, fire and drought have all wreaked havoc on the United States. What’s been the worst?
-
Where the Midterm Election Races Stand Today
Economic Forecasts In a tight race, these state elections may make the difference when midterm results are announced in November.
-
How the Infrastructure Bill Could Change Crypto
cryptocurrency Cryptocurrency's path to legitimacy runs through Washington, but it's an opportunity dressed as a threat.
-
The Biden Tax Plan: How the Build Back Better Act Could Affect Your Tax Bill
Politics Depending on your income, the Build Back Better Act recently passed by the House could boost or cut your future tax bills.
-
The Kiplinger Letter’s Must-Read Political and Economic Forecasts for 2021
Politics Our annual outlook explores what to expect from the U.S. economy, the new Congress and next administration, trade tensions, cryptocurrency, self-driving trucks and more.
-
Federal Debt: A Heavy Load
Economic Forecasts The debt continues to grow, but record-low interest rates could ease the long-term damage.
-
What Biden Will Do: 23 Policy Plays to Expect From the Next Administration
Politics The Kiplinger Letter forecasts President-Elect Joe Biden’s biggest priorities -- and the likelihood of progress on them.
-
Certainty Is a Blessing
Politics The uncertainty leading up to the election was disquieting for an anxious nation, and it put our staff in limbo, too.
-
Election Turmoil Could Rattle Stocks
Politics When Al Gore and George Bush fought it out, the S&P 500 fell 6% from election night through the day following Gore’s concession.
