These States Could Legalize Marijuana Soon
Initiatives on ballots this November reflect growing bipartisan support for legal recreational pot.
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.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Sean Lengell covers Congress and government policy for The Kiplinger Letter. Before joining Kiplinger in January 2017 he served as a congressional reporter for eight years with the Washington Examiner and the Washington Times. He previously covered local news for the Tampa (Fla.) Tribune. A native of northern Illinois who spent much of his youth in St. Petersburg, Fla., he holds a bachelor's degree in English from Marquette University.
-
When Does a Nest Egg Become a Ticking Tax Bomb?
Retirement savers with big bucks in traditional IRAs and pretax 401(k)s could face huge tax bills when RMDs kick in. One potential solution? A Roth 401(k).
By Dan Flanagan, CPA/PFS, CFP®, AEP® Published
-
Medicare or Medicare Advantage: Which Is Right for You?
From overall costs to availability of care, here's what to know about the differences between traditional Medicare and Medicare Advantage plans.
By Paola Bianchi Delp Published
-
Future U.S. Economic Growth Hinges on Immigrants
The Kiplinger Letter With the native birthrate slipping, employers are increasingly relying on foreign-born workers to staff up.
By David Payne Published
-
Farmers Face Another Tough Year As Costs Continue to Climb: The Kiplinger Letter
The Kiplinger Letter Farm income is expected to decline for a second year, while costs continue to up-end farm profitability.
By Matthew Housiaux Published
-
10 Predictions for 2024 from The Kiplinger Letter
The Kiplinger Letter As 2023 wraps up, here are 10 big predictions for the new year.
By Letter Editors Published
-
15 Cancer Drugs Are in Short Supply, FDA reports: The Kiplinger Letter
The Kiplinger Letter The U.S. is working to address cancer drug shortages caused by manufacturing and supply chain woes.
By Matthew Housiaux Published
-
Is the Economy Inching Toward a Recession?: The Kiplinger Letter
The 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.
By David Payne Published
-
How A Government Shutdown Could Affect You
A government shutdown would put tens of thousands of federal workers on furlough and interrupt certain services.
By Esther D’Amico Last updated
-
Investments In U.S.-Made Drone Technology Are Gaining Strength — The Kiplinger Letter
The Kiplinger Letter The U.S.-Made drone aircraft, software sector has been boosted by a crackdown on Chinese drones amid security concerns.
By John Miley Published
-
IRS 10-Year Rule for Inherited IRAs: Kiplinger Tax Letter
Kiplinger Tax Letter The IRS’ interpretation of the 10-year clean-out rule on inherited IRAs can be complicated.
By Joy Taylor Last updated