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Five States Legalize New Cannabis Markets During 2020 Election

by Sarah Cawthon November 06, 2020

Arizona
Arizona voters approved an initiative on Tuesday during the 2020 election that legalizes adult-use cannabis in the state.  

The state’s regulatory department will accept applications for cannabis establishments from early applicants beginning January 19, 2021 through March 9, 2021. An early applicant is defined as an entity seeking to operate a cannabis establishment in a county with fewer than two nonprofit medical cannabis dispensaries or an existing nonprofit medical cannabis dispensary in good standing with the department.

Arizona has one of the largest medical cannabis markets in the country, with 2020 sales projected to hit $770 million to $910 million, according to the Marijuana Business Factbook. shutterstock_1153607149-jpg

“We anticipate it'll generate probably about $300 million a year, at least in the beginning and then probably grow over time,” said Chad Campbell, a former state lawmaker and chair of Proposition 207. This would create a combined $1 billion+ market.

To begin preparing for Arizona cannabis business opportunities, our Arizona Application Guide and Checklist is a great place to start. It provides a step-by-step checklist of over 100 action items to complete in order to establish your marijuana business.

New Jersey
Voters in New Jersey approved a bill on the state’s 2020 ballot that legalizes adult-use cannabis in the state. The bill will take effect on January 1, 2021.

While there is currently no timeframe established, lawmakers are working on a bill that will establish regulations for the new market and anticipate filing it within the next few weeks.

New Jersey could reap $300 million a year in sales tax revenue by legalizing cannabis for recreational use, according to a report by New Jersey United for Marijuana Reform and New Jersey Policy Perspective. The marketplace would be worth $1.2 billion from consumers in New Jersey and surrounding states.

If you are interested in applying for New Jersey cannabis business opportunities, you can begin preparing now with our New Jersey Application Guide and Checklist. It provides a step-by-step checklist of over 100 action items to complete in order to establish your marijuana business.

Montana
Montana voters approved an initiative during the 2020 general election to legalize adult-use cannabis in the state.

The state Department of Revenue will oversee regulating and issuing licenses to cannabis businesses. Applications will be released and available by October 1, 2021.

Montana’s recreational cannabis market sales could total between $217 million and $260 million per year by 2026. Robert Sonora, associate director at the Bureau of Business and Economic Research, explained, “We estimate that in 2022, sales of recreational cannabis to tourists will generate almost $5.9 million in tax revenue. By 2026, the projected revenue could climb to $16.8 million”.

To begin preparing for Montana cannabis business opportunities, our Montana Application Guide and Checklist is a great place to start. It provides a step-by-step checklist of over 100 action items to complete in order to establish your marijuana business.

South Dakota
South Dakota approved both a medical cannabis initiative and an adult-use cannabis initiative during the 2020 general election.

Initiated Measure 26, the medical cannabis initiative, legalizes medical marijuana for use by patients with chronic and debilitating medical conditions. The bill will take effect July 1, 2021. The state’s regulatory department will need to establish regulations for the licensing of medical cannabis businesses by October 29, 2021.

The adult-use initiative, a proposed constitutional amendment known as Constitutional Amendment A, legalizes and regulates marijuana for adults 21 and older. The South Dakota Legislature will need to pass laws for procedures for the issuance, renewal, suspension and revocation of licenses as well as application, licensing and renewal fees by April 1, 2022.

According to Marijuana Business Daily projections, first-year medical marijuana sales are expected to total $1.5 million-$2 million, with the market reaching $10 million-$12 million by 2024.

If you are interested in applying for South Dakota cannabis business opportunities, you can begin preparing now with our South Dakota Application Guide and Checklist. The guide includes both bills and provides a step-by-step checklist of over 100 action items to complete in order to establish your marijuana business.

Mississippi
Mississippi voters approved an initiative during the 2020 election on Tuesday that legalizes medical cannabis in the state.

The state’s regulatory department will adopt final rules and regulations for the new program by July 1, 2021. The department will begin issuing identification cards and treatment center licenses by August 15, 2021.

The state’s medical cannabis program is estimated to bring in about $10.6 million in annual revenue.

To begin preparing for Mississippi cannabis business opportunities, our Mississippi Application Guide and Checklist is a great place to start. It provides a step-by-step checklist of over 100 action items to complete in order to establish your marijuana business.