Marijuana was prohibited in the United States for the last 78 years in the United States and its opinion among people and politicians has ever been controversial. There were least people supporting legalization in 70s but the scenario of today’s American mentality has changed. Public sentiments have been rising towards the means to make marijuana legal for medicinal and recreational use. It will be a matter of immense growth to the marijuana industry in the long run.
It has become the right time for the ambitious workers to hold their strong position in marijuana segment. The cannabis industry attained a level of $3 billion in April 2015 and the predictions are to a value of $15.2 billion by 2020. There are many new projects in marijuana industrial segment and the markets are creating a hype with the legalization of the weed. Direct investment in private companies benefits the investors in smaller segment companies to have initiation for the legalized drug. Investors can take part in the penny stocks floated by the companies to give a fueling to the companies to get financial support.
Till date, 31 states have legalized medicinal marijuana and four states and the District of Columbia have legalized the drug for recreational purpose. Marijuana was previously classified as a Schedule I drug which means that it is an illegal drug. However, the ‘Cole Memo’ for marijuana sale enlisted the laws for the sale of drug to minors, prevention of distribution of the drug to minors and tracking the sale to gangs. It marked a significant shifting from the administrations providing the voters with the greater level of control of marijuana legalization.
9 States & Washington DC having Marijuana legal for recreational use:
Washington DC
Marijuana was legalized under I-502 initiative during the November 2012 elections. Washington is the 2nd largest legal market for marijuana in the US. The legalization of drug has made the state more prosperous and the tax levels surpassed $70 million which is a much higher figure than the forecast.
Marijuana was legalized in Alaska in the November 2014. It has enabled the state to collect higher revenues and the cultivation of new plants for commercial use have been enabled after the allowance for recreational marijuana.
Colorado is the major state market for legal marijuana. It is unbelievably true that the sales crossed $1 billion for Colorado state and the recreational marijuana had almost one half of the share. Marijuana was legalized in CO in November 2012 elections.
In 1996, California was the first state to legalize medical marijuana. It made the legal recreational use alive in 2016. One ounce of marijuana is allowed to be taken. The licenses were issued to the sellers in January this year. There are many cities in the Central Valley of the state, still having a ban on the recreational sales.
It was in the year 2014 that Oregon was allowed for the recreational marijuana use. There is one ounce of the amount allowed for a person to keep and a few plants could be grown without a license. This state is among the most liberal for providing the licenses for growing cannabis.
District of Columbia
The company got legal allowance of recreational cannabis in 2014. It allows 2-ounce usable cannabis and a limitation of 6 plants without a commercial license.
Maine permitted the use of cannabis for recreational purpose in the year 2016. The state allows the maximum amount of cannabis to be kept by an individual (2.5 ounce) & 5 g of concentrates/hash.
The state permitted the recreational use of cannabis in 2016. There allows 1 ounce of cannabis to be carried by an individual.
It was allowed in cannabis in 2016 with allowance of one ounce of cannabis carried by an individual.
This is the newest state to have allowed the cannabis (1 oz, 5 g hash).
‘Cole Memo’ changed the priorities for the Federal government to check out the impact of legalized marijuana in the US. The new updates for marijuana are certainly in its favor and as a result, the states are on the verge of getting high rated responses for the tax collection from marijuana sales.