It's election day, which means voters will be casting their final decision regarding cannabis legalization measures in five states. After today, new cannabis markets and business opportunities may become available, adding to the cannabis industry's exponential growth. Many are hopeful for success after legalization campaign groups largely outraised opponents.
In other news, Oregon is streamlining it's application process for cannabis business licenses, Maine's market is poised for growth, and New York is including legalization in its state budget proposal again - check out the latest!
NATIONAL HIGHLIGHTS
Cannabis Legalization Campaign Groups Massively Outraise Opposition
Financial support for cannabis legalization, both medical and adult-use, has grown considerably in 2020 compared to 2016. By almost 36-1, proponents of state ballot measures have outraised opponents this election. This is a massive increase from 2016, when advocates outraised opposition by only 4-to-1. Funding for cannabis legalization campaign groups largely contribute to their success, so it's exciting to see that these campaign groups have outraised their opposition by such a large number. (Marijuana Business Daily)
STATEWIDE CHATTER
Arizona
Support for Arizona’s adult-use marijuana legalization measure is reportedly rising significantly, according to two new polls. OH Predictive Insights found that 55 percent of likely voters favor the legalization initiative. The other poll, conducted by Monmouth University, found that 56 percent support it. The state’s voters will make their decision today and if the initiative is passed into law, new adult-use business opportunities will become available. (Marijuana Moment)
Maine
Maine’s eight adult-use cannabis retailers reported over $250,000 in sales over the opening weekend of the state’s recreational market, bringing in $25,000 in sales tax revenue. On the first day of sales, only six retail stores were open and generated $94,643.38. The newly launched market has plenty of room for growth as the state is still accepting applications for adult-use cannabis retailers. (News Center Maine)
New Jersey
New Jersey voter’s support for a measure to legalize marijuana remains strong, according to a new poll released by the law firm Brach Eichler LLC. The survey found that 65 percent of registered voters are in favor of the referendum, which is consistent with the prior three polls conducted by the firm as well as one from Fairleigh Dickinson University. Legalization in New Jersey is almost a sure bet, and lawmakers have been working on a bill that will establish regulations for the new market if voters pass the measure into law. (Marijuana Moment)
New York
Cannabis legalization legislation will be introduced through the state budget again in January, according to the top cannabis advisor to New York Gov. Andrew Cuomo. The plan will include provisions for social equity and economic development, aspiring to be a “model” for other states to follow. The goal would be to enact the reform by April. This will be the third year the governor has included cannabis legalization in his state budget proposal. (Marijuana Moment)
Oregon
Oregon’s cannabis regulators have adopted temporary rules to help streamline the application process for adult-use cannabis business license applicants. The rule changes are intended to provide relief to the industry and allow regulators to process applications more easily. Oregon is still accepting applications for adult-use cannabis retailers. (Marijuana Business Daily)
Rhode Island
The state is still accepting applications from businesses hoping to win a license to operate one of six additional medical marijuana dispensaries. The department will continue accepting applications through December 15, 2020. All applications will be reviewed to determine if they will qualify to be placed into a lottery system to award the licenses. The date of the lottery has not yet been announced but will take place sometime after December 15. (Providence Journal)
GET TO KNOW UNITY RD. FROM SOMERSET, NJ.
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