Recently New York, New Jersey, and South Dakota voted to legalize adult use of marijuana for citizens 21 years and older. These are the latest in a wave of states voting to legalize cannabis either for recreational or medical consumption. But what states are most likely to legalize marijuana in 2022?
Earlier last year, Virginia and New Mexico, through their legislation, legalized the adult use of cannabis. It is expected that the two states will generate billions in annual revenue from cannabis sales. Two other states (Maryland and Kentucky) had begun legalizing cannabis earlier in the year but legislative efforts stalled in both states.
However, we don’t believe that the legalization efforts are done for the year. Two-thirds of Americans are in support of legalizing the recreational use of cannabis. With 40% of the population already living in areas that have legalized adult recreational use of cannabis, the trend is firmly in favor of more legalization across more states before the year is done.
Below is a list of three states that we believe will push for legalizing cannabis either for adult recreational use or medical purposes. All the States on our list have submitted Bills and amendments to their State Senates, with votes expected to take place later on in the year.
States Most Likely to Legalize Marijuana in 2022
As more states push for legalization, the gap between those that have legalized and those that haven’t is forever increasing. Not wanting to get left behind, some states are eager to legalize before the end of this year so that they too can enjoy the increase in jobs and tax revenues that have followed every state that has legalized cannabis in some form.
These three states below are most likely to legalize recreational use of marijuana in 2022;
1. Connecticut
Lawmakers in Connecticut are close to passing Senate Bill 888, which Democratic Governor Ned Lamont has proposed. The Bill would replace the unregulated illicit market for recreational cannabis with a taxed and regulated system of licensed cultivators, retailers, manufacturers, and delivery services. Some of the specific provisions in Senate Bill 888 include;
- Allows adults 21 and over to possess up to one and a half ounces of cannabis or cannabis concentrate on their person.
- Allows adults 21 and over to possess up to five ounces in a locked container in their home
- Decriminalizes possession of fewer than four ounces, imposing a civil fine instead of possible jail time.
- Allows adults 21 and over to gift cannabis, within legal limits, to each other.
- Legalizes possession and use of cannabis paraphernalia.
- Legalizes possession and use of cannabis paraphernalia.
Legislation on this issue is adjourned till June 9th, so we are very optimistic that there will be a vote before the end of the year. A university poll on the issue revealed that 66% of respondents support legalizing recreational cannabis.
2. Delaware
Delaware also has a Bill on the Senate floor on this very issue. House Bill 150 was put forward by one of the House Committees and is currently before the Appropriations Committee. Some of the provisions include;
- Adults who are 21 and older could possess up to one ounce of marijuana, including no more than five grams of concentrated marijuana. Home cultivation is not allowed.
- Convictions for possession of marijuana and paraphernalia are eligible to be expunged, provided the person has not been convicted for violent offenses.
- Four types of businesses will be licensed in the industry; retailers, cultivators, product manufacturers, and laboratory research.
Legislation on House Bill 150 is adjourned till June 30th this year.
3. Rhode Island
Lawmakers in Rhode Island are deliberating over Senate Bill 568, which would give municipalities in Rhode Island the right to allow adult recreational establishments through voter referenda. Some of the other provisions in Senate Bill 568 include;
- Adults 21 or older may possess and purchase up to one ounce of cannabis flower, with no more than five grams of cannabis concentrate.
- Adults may cultivate up to six plants in their residence, with no more than 12 plants in a single residence with multiple adult occupants.
- The use of cannabis does not constitute grounds for restricting family or child custody rights.
- Employers may not fire or discipline employees for lawful cannabis use outside the workplace.
- The use of cannabis does not disqualify an individual from any medical treatment, including organ transplants.
Rhode Island has put specific legislation to limit discrimination against cannabis users in the state. Legislation is also adjourned till June 30th in Rhode Island.
These three states are the closest to legalizing recreational marijuana and represent the best chances to get it done this year. How will this impact your cannabis stock investments?
What States are Most Likely to Legalize Marijuana in 2022?
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