DISTRICT OF COLUMBIA: It’s been talked about for months, if not years, but today is officially the day when citizens in the states of Oregon and Alaska, as well as Washington, D.C., will vote on whether or not to legalize recreational, adult use marijuana, potentially joining just Washington and Colorado as the only other legal marijuana states. In addition, Floridians are going to the polls to decide whether or not they’ll become the 24th state to legalize medical marijuana.
There’s certainly a lot on the line given today’s votes. Let’s have a look at some of the possible implications for the states, the momentum behind the marijuana movement, and even for investors.
An important vote for three states
For states, the reasoning behind the legalization vote, at least from an adult use standpoint, has little to nothing to do with public sentiment and everything to do with boosting tax revenue. Let’s not forget that Oregon and Alaska have no sales tax, Washington no income tax, and Colorado a budget gap, so recreational marijuana serves the perfect purpose of bringing in additional revenue to the state without having to turn to other forms of tax increases, or worse yet, cost-cutting layoffs, which can trickle down through a state’s economy and wreak havoc.