States that are the Most Likely to Legalize Marijuana in Nov https://www.fool.com/investing/2016/10/02/these-states-are-the-most-likely-to-legalize-marij.aspx?source=yahoo-2&utm_campaign=article&utm_medium=feed&utm_source=yahoo-2&yptr=yahoo
Don't look now, but the November elections are just over five weeks away. In addition to choosing the 45th president of the United States, voters in nine states will decide the fate of marijuana, which has become a front-and-center issue this year.
The expansion of the marijuana industry is impressive in two respects. First, its growth rate is practically unmatched. According to cannabis research firm ArcView, legal marijuana sales could grow at a 30% annual clip between now and 2020, all on account of organic sales growth and legalization by more individual states.
Secondly, public opinion concerning cannabis has shifted dramatically. Two decades ago, when California became the first state to allow physicians to prescribe medical marijuana for a small list of ailments, a national Gallup poll pegged support for the drug at a mere 25%. In Gallup's latest poll, support for the nationwide legalization of marijuana tied for an all-time high at 58%. A CBS News poll found even stronger support for medical marijuana, with 84% of respondents in favor of its legalization.
California
The state of California is the promised land of the marijuana industry, as it represents the eighth-largest economy in the world as of 2014. Though medical cannabis has been legal for two decades, this November voters will be deciding whether recreational marijuana gets the O.K.
Known as Prop 64, the recreational marijuana initiative would establish a 15% sales tax at the retail level and a $9.25 per-ounce cultivation tax paid for by wholesalers. Additionally, it would allow households to grow up to six plants, allow the gifting of up to a quarter-ounce of cannabis (as long as it's to a fellow adult aged 21 or older), and establish marijuana cafes that would allow for the consumption of cannabis outside of a person's private residence.
What's most notable about Prop 64 is that it could lead to $1 billion in annual tax revenue generation. For context, Colorado has led the charge in legal marijuana sales, and it only mustered $135 million in tax revenue and fee collection in 2015. Richard Miadich, one of the authors of Prop 64, pointed out in August that about $200 million annually would go to law enforcement. Miadich also implied that cost savings of $10 million a year would be realized from the legalization of cannabis thanks to a decline in police enforcement and legal action.
Recent polls suggest that Californians strongly favor the idea of legalizing recreational cannabis. In a recent Field Poll/Institute for Government Studies survey, 60% of respondents voiced support for Prop 64, while just 31% opposed the law. Some 9% of respondents remained undecided. Another poll released last week from the Public Policy Institute generated almost identical results, with 60% in favor of Prop 64, 36% opposed, and 4% undecided.
Long story short, marijuana supporters are probably looking at a major victory in California come November.