Marijuana legalization in South Dakota could see daylight in 2020. The state passed measures to legalize both recreational and medical marijuana. Luckily, both of the measures collected the required signatures before the COVID-19 pandemic hit. The only issue was if the pandemic didn’t retreat by November, it would be hard for people to vote on the measures. Now that lockdown restrictions have been easing, voting should be possible. So, the fate of legalization in South Dakota lies in voters’ hands.
South Dakota voters will decide on marijuana legalization
The state’s marijuana legalization group “South Dakotans for Better Marijuana Laws” initiated two proposals. The good news amid the pandemic is that both of the measures gathered enough signatures. As a result, they qualified for the ballot. The voters will decide on both proposals in the upcoming November elections.
- The first proposal will legalize and regulate marijuana for adults 21 and older.
- The second proposal will establish a medical marijuana law for qualifying patients.
The support for marijuana legalization is huge in the state. Many members of the campaign group think that cannabis being illegal at the federal level prevents productive people from getting jobs. People have to deal with drug conviction charges related to marijuana even though it’s legal in most states. As reported by KELOLAND News, the group held a zoom conference recently. The group presented a case stating how “legalizing and regulating marijuana would free up prisons and jails” and additionally bring in “$30 million of tax revenue by 2024.”
However, some local law enforcement questioned approving the measure. The group said that there would be restrictions as well. Marijuana legalization will be in voters’ hands. They will decide whether or not to legalize recreational and medical marijuana in the state this year.
Legalization would boost cannabis companies
The soaring demand for cannabis amid the pandemic shows that it’s important in the US. More states have been focusing on legalization efforts despite the pandemic. They think that legalization could help states recover financial losses amid COVID-19. Notably, the states include Texas and New Mexico. The U.S. Virgin Islands’ governor also stressed that marijuana legalization could lead to economic recovery. To learn more, read U.S. Virgin Islands’ Governor Supports Marijuana Legalization.
Cannabis legalization will likely boost cannabis companies that struggled last year. The companies faced regulatory scandals, lower revenues, management shake-ups, and the illicit black market. With the rise in cannabis sales, they’re slowly starting to recover. Legalization in more states would give companies room to expand. In the US, Cresco Labs (OTCMKTS:CRLBF), Green Thumb Industries, and Curaleaf saw soaring revenue numbers in their recent quarters. Meanwhile, Aurora Cannabis (NYSE:ACB), Cronos Group (NASDAQ:CRON), Canopy Growth (NYSE:CGC), and Hexo (TSE:HEXO) have seen a recovery. The slower store roll-out is still an issue in Canada.
As of Thursday, Cresco Labs and Green Thumb Industries have declined 6.4% and 1.6%, while Curaleaf has gained 2% in June. Meanwhile, Aurora Cannabis and Cronos Group have fallen 7.7% and 0.91%, while Canopy Growth and Hexo have gained 4.2% and 13.3%, respectively, in June.