On Thursday, the secretary of state of Montana reported that marijuana advocates had gathered enough signatures, hence qualifying two legalization measures for the November ballot.
In one of the initiatives mentioned, a legal change is cited that would form a structure for adults to access cannabis legally. In addition to this, a different constitutional change will make certain that only individuals who are at least 21 years or older could engage in this market. If voters accept this statutory measure, it will make it legal to cultivate a maximum of four seedlings and four mature plants in one’s home as well as have in your possession approximately one ounce of cannabis.
Issuance of business licenses would begin on January 1 in 2022 with medical cannabis companies that already exist being among the first to penetrate the market. The legal industry would be overseen and regulated by the Montana Department of Revenue which would also be in charge of issuing the licenses.
It is also noted that tax rate on medical cannabis goods would be decreased to 1% from 2% while a 20% sales tax would be imposed on recreational marijuana. The revenue collected from sales made legally would be directed to water, wildlife and land conservation programs. It is estimated that by the fiscal year of 2025, the legal cannabis market will produce approximately $38,500,000 in taxes.
Research conducted also showed that most of the voters in Montana have no qualms with legalization and with the chance for voters to pass the law, this would lead to the formation of new jobs and the generation of more revenue for the state of Montana.
Additionally, in the amendment it was stated that the state constitution would be modified to read that individuals of 18 years and older are adults by law but the initiative may increase the legal age for consuming, purchasing or possessing marijuana and alcoholic beverages. The vote looks promising from previous legalizations of medical cannabis in the year 2004 and a following expansion measure in the year 2016 of the same.
Petitions for the cannabis measures were proposed in June and on Thursday, the state secretary officially stated that both initiatives have been certified to be on this year’s General Election Ballot scheduled for November.
In conclusion, Montana voters have the chance to pass a policy that legalizes recreational marijuana use which will generate revenue, allow the police to focus on other crimes as well as create jobs. Analysts say Pac Roots Cannabis Corp. (CSE: PACR) will be hoping that Montanans get accurate information upon which they will vote appropriately.
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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