11/07/18 - CannTrade "MJJ Wins 2018 Midterms"
Marijuana wins the 2018 midterm elections in support of legalization. The election is done and the results are fairly mixed with the Democrats controlling the House and the Republicans in the majority. However, the clear winner is marijuana. The voters sent a resounding message that is in support of marijuana law reforms. Michigan voters approved a ballot measure that legalized marijuana in the state while both Utah and Missouri voters allowed medical marijuana.
Bevo Agro Inc., a leading marijuana producer in the US, experienced a surge in share price on the first day of its trading after announcing a merger with Sun Farm Investments Ltd. The price surge came at 70 percent. Together, they have created a new firm called Zenabis Global Inc., one of the largest marijuana companies in Canada, that’s focused on plant propagation and marijuana production.
Washington DC Mayor Muriel Bowser plans to legalize the sale of marijuana because of the shift in Congress. Although the District of Columbia already approved legal cannabis, the city isn’t allowed to use any funds to legalize marijuana because of the spending bill rider by the Republican Congress. With the Democrats in control, Bowser announced that she will file a full legalization bill to the council.
Michigan is now the 10th state to legalize marijuana in the country. The voters in Michigan approved Proposition 1 to legalize recreational marijuana and create a regulated and taxed marijuana industry. Around 56 percent of the total voters in the state approved the said proposition making it the first in the Midwest to legalize adult-use.
North Dakota voters reject marijuana legalization. The ballot measure would have set a limit on the amount of cannabis that people could cultivate and possess and expunge previous convictions of cannabis offenses. Unfortunately, the measure failed with 59 percent of voters against it.
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