Cannabis legalization has been a hotly debated topic. Many U.S. states have already legalized cannabis, also known by the slang term weed, for recreational purposes. Earlier this week, four states joined the rank of states that have already decriminalized recreational cannabis.
States that legalized recreational cannabis
On Nov. 3, along with voting for the U.S. presidential election, New Jersey, South Dakota, Montana, and Arizona also voted to legalize recreational cannabis in their states. While the U.S. presidential election results still haven't been announced yet, the four states will legalize cannabis.
“New Jersey legalized it, but so did deep-red South Dakota and Montana,” said Steve Hawkins, executive director of the Marijuana Policy Project. He also said, “It shows that regardless of political ideology or party differences, American support cannabis legalization.”
Now, 15 U.S. states have legalized recreational cannabis. Along with the four states that just joined, California, Colorado, Maine, Illinois, Alaska, Massachusetts, Michigan, Vermont, Oregon, Nevada, and Washington already legalized recreational cannabis.
States were medical cannabis is legal
Along with recreational use, cannabis also has medical uses. On Nov. 3, Mississippi and South Dakota voted to legalize the usage of cannabis for medicinal purposes. Now, 36 U.S. states have legalized medical cannabis. Currently, cannabis still isn't legal at the federal level.
There are cannabis companies that focus on medical cannabis as well as companies that focus on recreational cannabis. Some companies produce cannabis for medical and recreational use. The companies have come up with a lot of value-add products in the medical and recreational use market.
That said, cannabis stocks have had a tough time after peaking in 2018. After the crash in 2019, which continued earlier this year, many cannabis stocks got reduced to penny stocks. By definition, a penny stock’s price is below $5.
States were cannabis is legal
Cannabis legalization has come a long way in the U.S. A decade ago, cannabis was criminalized across the country. However, in 2012, Washington and Colorado legalized cannabis.
The states that have legalized cannabis for medical use are Alaska, Arizona, Arkansas, California, Connecticut, Colorado, District of Columbia, Delaware, Hawaii, Florida, Illinois, Louisiana, Maryland, Maine, Michigan, Mississippi, Massachusetts, Minnesota, Montana, Missouri, New Mexico, New Jersey, New Hampshire, Nevada, New York, North Dakota, Oklahoma, Ohio, Oregon, Pennsylvania, Rhode Island, South Dakota, Utah, Vermont, Washington, and West Virginia.