Industrial Boom: These 5 States May Legalize Marijuana In November
When it all boils down, the legalized marijuana business is none other than a real estate business. One of the most important investments in the business is industrial real estate, and Ten-X chief economist Peter Muoio tells Bisnow legalized medical marijuana is having a huge impact in certain markets. “It’s (pushing) the industrial sector even higher,” he says. “Companies use the warehouse space for growing and distributing.”
So it comes as no surprise that industry players and investors are sitting on the edge of their seats avaiting November's election when five states will vote on whether or not to legalize either recreational or medical pot use. Take a look at the five measures.
By far the most important legalization initiative on the ballot come November, the world's sixth-largest economy (otherwise known as California) will decide through Prop. 64 whether or not the entire state will become a legalized marijuana haven. While Gov. Jerry Brown has reservations, it seems not many Californians share his fears. The proposition is supported by nearly 60% of the state's population and is unique in that it could also roll back prison sentences for people who've been convicted on marijuana charges.
Massachusetts has already decriminalized marijuana for personal use, but it looks like that's not enough—50.4% of the population supports the legalization of pot use, according to Ballotpedia. The bill calls for similar regulations to alcohol and has faced serious opposition from both parties, opposition that so far has proved ineffective. If voters OK the measure, marijuana will become fully legalized on Dec. 15.
Maine voters are taking the consideration of marijuana legalization very seriously. Despite stiff opposition from Attorney General Janet Mills and Gov. Paul LePage, it seems the measure has largely been decided—53.4% of the state is in support. If passed, Maine will legalize the recreational use, possession, cultivation and sale of marijuana to adults 21 and over.
Nevada is much like Maine—marijuana legalization is supported by 51% of the population. If passed, people 21 and up will be able to use, possess, cultivate and sell marijuana. Despite its popular support, state Sen. Harry Reid and Gov. Brian Sandoval oppose the measure.
Arizona is possibly the only state voting on marijuana legalization where the outcome isn't clearly in favor of passing—45.74% of Arizona voters support the measure while 45.56% do not. That's well within the 3.7% margin of error, making the outcome unknown. If it does pass, cultivation and recreational use of marijuana will become legal for those over 21, but the regulation of individual retailers will be handled on a city level.