Adding two more states with medicinal marijuana would mean nearly 70 per cent of Americans could have access to the drug for that goal.
Proposal 1 allows marijuana to be regulated like alcohol.
Michigan, having legalized medicinal use of the drug in 2008, became the tenth state to effectively legalize its recreational use as well Tuesday thanks to a voter-pushed Michigan ballot item in the USA midterm elections.
Ten months after Attorney General Jeff Sessions rescinded marijuana policies imposed during former President Barack Obama's administration, the results of Tuesday's midterm elections could reveal if Americans are wary of defying federal pot prohibition amid uncertainties caused by the Justice Department's about-face. (ACB.TO) was up 3.3 per cent and Canopy Growth Corp. (NYSE: CGC) rose 3.8%, Cronos Group Inc.
Current state law, according to a sheet explaining the proposition from the Utah Lieutenant Governor's office, requires that by January 1, 2019, Utah ensures "that cannabis is grown in the state and can be processed into medicinal form" and also that the state "establish a state facility to sell the cannabis that has been processed into a medicinal form". The United States Marijuana Index has gained 72.27% over the past year, compared to the 7.08% gain seen by the S&P 500 over the same period.
Supporters of the marijuana ballot measure in MI expect legalization to bring in about $130 million more in tax revenue each year.
One person dead, another missing in the U.S. after Amazon building collapse
Our thoughts and prayers go out to the families impacted by last night's tragic event, ' the spokesperson added. Dave Clark, Amazon's SVP of operations, confirmed the deaths in a statement on Saturday on Twitter.
To learn more about the proposal and the effects of legalizing marijuana, read Mark Peterson's in-depth report.
Investors say that they are watching Canada, where the legal recreational use of marijuana went into effect in October, as a testing ground for retailers and companies before US legalization. The latest figure marks the third consecutive year that support on the measure has increased and the highest approval rating to date.
"To pass this initiative and create a legal medical marijuana program in Utah, it's as jarring as seeing Mother Teresa show up at a casino", said Hadley Ford, chief executive officer at iAnthus Capital, in an email to BNN Bloomberg.
MI becomes the 10th state to legalize marijuana and the first one in the Midwest. They ultimately voted yes on Amendment 2, and no on the other measures.
Voters in Utah have voted "Yes" to Proposition 2 by a margin of 53 percent to 47 percent.
"Thanks to the unflagging efforts of patients and advocates, Missourians who could benefit from medical marijuana will soon be able to use it without fear of being treated like criminals", said Matthew Sweich, deputy director of the Marijuana Policy Project. The state will have strong regulations in place to ensure businesses are not marketing to children.