Weed won the election. There were nine states with marijuana legalization measures on the ballot, and eight of them have effectively passed.
California, Massachusetts, and Nevada have officially legalized the adult use of recreational marijuana. And Maine, where results are still rolling in, is on track to do the same. Arizona’s Prop 205, however, failed, even though the polls showed statewide support for the bill.
Meanwhile, medical marijuana passed in all four states where it was on the ballot: Florida, Arkansas, North Dakota, and Montana. That means that more states have now legalized medical marijuana than banned it—a sign of progress for marijuana advocates, and the science behind the benefits of medical cannabis.
With more than a quarter of the country's population now living in adult use cannabis states, the market size for weed is expected to multiply big time. Cannabis retail sales from the states that passed initiatives last night could add another $7 to $8 billion in additional revenue.
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