Cannabis referendums held in parallel with the US elections.
Yesterday, coinciding with the presidential election, cannabis referendums were also held. These referendums focused on the decriminalization and consumption of cannabis in various US states. A total of 124 referendums were held in 32 states, some of them specifically addressing cannabis.
The division among Republican leaders on legalization and the polls suggest that the US is heading toward the widespread legalization of marijuana, for both therapeutic and non-medical purposes. There is growing acceptance of marijuana within American society, and this could help generate additional tax revenue during the Covid-19 pandemic.
Oregon is going a step further. For example, voters will decide whether they want their state to be the first in the entire US to decriminalize the use of hard drugs. The Democratic stronghold could be the first to decriminalize the possession of heroin, cocaine, or LSD for personal use. The initiative that has been voted on limits penalties to fines of up to $100 or attendance at drug rehabilitation programs. According to Jimmy Jones, director of an NGO for the homeless: “Arresting people with addictions is a cruel punishment because it condemns them to a criminal record that ruins their lives.” In opposition, an association of prosecutors warns that: “Decriminalizing the possession of the most harmful types of drugs will only increase their acceptance.”.
Cannabis would generate revenue for the treasury
In New Jersey, the most populous state on the East Coast, two-thirds of residents support the legalization of marijuana. It's worth noting that marijuana has been legal for medicinal purposes in this state since 2016. It is estimated that it would generate $126 million in sales tax revenue in 2021. According to Democratic Senator Nicholas Scutari, "We would have a new industry, just like we have liquor stores or the beer industry.".
The results in New Jersey are already known with 67% in favor of recreational marijuana use and 33% against.
The main argument put forward by those currently advocating for the measure is that normalizing the business of the product would provide a significant boost to public coffers. These revenues could be largely directed towards mitigating the impact of Covid-19 on the healthcare and education systems.
“Perhaps we didn’t need the money before, but now, thinking about the post-pandemic scenario and the austerity measures, we certainly need it,” says Michael McQueeny, a lawyer who works for a cannabis industry firm in New Jersey.
The cannabis industry is an emerging and well-organized sector. It is succeeding in reversing the puritanical traditions of 20th-century America. From 1996 to the present, 33 states and the District of Columbia have legalized marijuana for medical purposes, a path that has acted as a Trojan horse. As early as 2018, a Deloitte study predicted that “cannabis use will become commonplace much faster than most people anticipated. There is a strong desire to demonstrate to the world that a well-regulated and professionalized industry can make a positive contribution to the national economy.”.
Cannabis referendums can decriminalize consumption
Democratic vice presidential candidate Kamala Harris, in her debate with Mike Pence, declared regarding the cannabis referendums that "if we win, we will decriminalize consumption at the federal level.".
Republican states are becoming less hostile to legalization, including Arizona, a conservative stronghold. Polls give a clear advantage to the "yes" vote. The increasingly powerful cannabis industry is convinced that if Arizona joins the list, many conservative states will follow like dominoes.
Sturges Karban, director of soft drug logistics at ManifestSeven, told Bloomberg: “In 2016, the belief was that a conservative administration would be less receptive. Now, cannabis legalization is inevitable.”.
Companies that trade in cannabis and its derivatives have experienced strong stock market gains in the final stretch of the campaign.
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