Historically, southern states have been slow to embrace cannabis reform. While much of the northeast and the west coast enjoy adult-use cannabis, many southern states are pushing for medical progams.
Although it is still early for these initatives, cannabis investors need to keep their ear to the ground for impending legalization in southern states, both for medicinal and adult-use. Here are three southern states that are making headway towards cannabis reform.
Arkansas approved medical cannabis in May 2019. As of January 2020, over 35,000 Arkansas residents had a medical marijuana card - this led to over $33 million in sales in 2019 alone.
However, Arkansas residents currently complain about high prices. In fact, prices are so high that it is still cheaper to buy cannabis on the black market. Low income patients are not able to access medical cannabis due to the pricing situation. Fortunately, the state plans to increase the number of grow facilities from 3 to 5, cutting cannabis costs over time.
Missouri approved medical marijuana via constitutional amendment in 2018. Today, the state is pushing for adult-use marijuana. A group called Missourians For A New Approach is gathering signatures to put adult-use cannabis on the November 2020 ballot. They need to collect 160,199 signatures by May 3, 2020. If you are a Missouri resident, you can sign the initative here.
In the middle of January, South Carolina citizens met at the state capitol to demand passage of a Compassionate Care Act. This would create a medical marijuana program for South Carolina. Since 72% of South Carolina residents support legalization, there is a strong chance that this will gain traction in 2020.
The South has started to embrace medical cannabis. Over time, that means there is a very good chance for cannabis ventures to grow in the South. Companies that get in early could earn a majority market share, stamping out the competition.
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