California, Colorado and seven other states have legalized leisure marijuana, and there are about 30 states that have passed medical…
California, Colorado and seven other states have legalized leisure marijuana, and there are about 30 states that have passed medical cannabis in any form.
On Tuesday, several states could be added to these lists, as two states consider the approval of recreational marijuana and two other votes on the medical use of the drug. While the votes should have little impact on Canadian marijuana companies, as most are excluded from having US operations due to some listing guidelines, Michigan is particularly inquisitive for cannabis investors.
Michigan: With almost 10 million people, the Great Lakes state is the largest to vote for the legalization of recreational pot in this walker. Called Proposal 1
, the law is simple: People 21 and older may have and use weeds and the state will establish a system for regulating licenses for growers and retailers. Local authorities may choose to keep out of cannabis companies or limit their activities. The AGM specifies a 10% tax on pot sales.
Although Aurora Cannabis Inc.
ACB, + 3.91%
had to divest its holdings of US companies earlier this year after the Toronto Stock Exchange threatened delisting the company Aurora was an option to buy back shares in at least one former subsidiary, Australis Capital. Now listed on the Canadian Securities Exchange – a listing site with fewer disclosure requirements – Australis, through one of its subsidiaries, looks at the medical cannabis market in Michigan. If Michigan vote to legalize adult use, Australis can be able to capitalize on the change through the work it has already done on the medical side.
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