The elections could have a huge impact on cannabis expansion in the US
While it is true that residents of five states are voting on adult-use marijuana legalization measures, polls and history show that three of them are most likely to pass their respective cannabis ballot measures. Be that as it may, today is undoubtedly an important date for the future of this market in Arkansas, Maryland, Missouri, North Dakota, and South Dakota.
Industries like technology continue to see tremendous growth as the years go by but legalized marijuana is not far behind that reality. BDSA, a research firm focused on the marijuana market, forecasts that global sales of legal cannabis will see a near doubling over a six-year period. It will grow from $30 billion in 2021 to $57 billion by 2027, a compound annual growth rate of approximately 13%.
Today is election day, 2022, and the US has put a big focus on the cannabis issue. Three of the five states in play could have a chance to be added to the list of 19 states (plus Washington, DC) where recreational cannabis is allowed. South Dakota doesn’t have solid polls showing strong support, but it appears that history is on its side.
Two years ago, voters in this state gave the green light to a similar recreational cannabis measure with a 54% vote. It has become clear that favorability improves over time, and so history suggests that votes will modestly favor recreational marijuana legalization in Mount Rushmore State.
Maryland is another state where recreational cannabis appears to be a safe bet. Among the reasons for this is that medical marijuana has been legal for nearly a decade, and possession of ten grams or less was decriminalized eight years ago. Surveys also found that more than 70% of voters are in favor of the measure.
And then there is Missouri, the third ballot measure most likely to become a reality. Its story is similar to Maryland’s, with a medical market that was highly supported four years ago. It seems that the same sentiment is given to adult-use marijuana and that may help today’s outcome.