The past two decades have seen a plethora of states across the country vote on measures to legalize either the medical or recreational use of marijuana. By the end of 2022, dozens of states allowed medical marijuana within their borders while nearly 20 states had legal recreational cannabis markets.
These state-level cannabis markets have been extremely lucrative for their home states, generating billions of dollars in cannabis taxes and creating hundreds of thousands of new job opportunities.
Voters in Oklahoma may soon be able to see some of this cannabis action after a measure to legalize cannabis was slated to be voted on in the upcoming March ballot. The initiative in question, State Question 820, would allow the possession and consumption of cannabis for individuals aged 21 years and older.
The campaign behind the cannabis initiative was led by Oklahomans for Sensible Marijuana Laws, with the aim of putting the initiative onto last year’s ballot. This did not happen, however, due to some legal challenges and the measure’s failure to meet the signature deadlines.
It did find new reprieve when Governor Kevin Stitt announced in October that Oklahomans would get to vote on the measure in March 2023. If the measure passes, it would allow persons to possess, distribute and transport up to one ounce of cannabis flower, eight grams of marijuana concentrate and eight grams of concentrated marijuana in a cannabis-infused product. Additionally, the measure would legalize home cultivation and allow residents in the state possess up to six seedlings and six mature cannabis plants.
The initiative would also afford individuals with certain cannabis-related convictions or sentences on their records an avenue to seek expungement or modify their records. Cannabis sales in Oklahoma would be subject to a 15% tax if the state launches a legal market for marijuana.
Oklahomans for Sensible Marijuana Laws worked hard to push the measure, raising $2.74 million through September 30, 2022, and spending $2.57 million on the campaign.
Oklahoma isn’t the only state looking to legalize adult-use cannabis in the upcoming ballots. In Ohio, reformists submitted 135,729 valid signatures for a cannabis legalization initiative before their proposal was forwarded to the Ohio General Assembly for approval.
If legislators take no action or choose to reject the initiative, the Coalition to Regulate Marijuana like Alcohol will have 90 days to submit an additional 124,046 signatures.
Ohio voters will be able to vote on the measure to legalize cannabis on the November ballot if the signature drive is successful.
For those who want to grow their own cannabis once this measure passes and is implemented, lots of indoor cultivation equipment makers, including Advanced Container Technologies Inc. (OTC: ACTX), could be on hand to avail supplies to ensure they succeed in their efforts.
NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX
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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