Last evening, voters in Ohio approved a ballot proposal, Issue 2, to legalize adult-use cannabis, trouncing voters in opposition to the measure. Business React to Ohio’s Adult-Use Cannabis Law NORML added that retail cannabis products will be taxed at 10% and sales are anticipated to generate between $276.2 million to $403.6 million in annual cannabis tax dollars by the fifth year of sales. Last night’s outcome makes Ohio the 24th state to allow adult-cannabis, 14 of which have done so by way of a public vote. With the news comes new opportunities in a new state market. With the news comes the realization that the United States is just one state away from legalizing adult-use pot in 50% of all states.
Last evening, voters in Ohio approved a ballot proposal, Issue 2, to legalize adult-use cannabis, trouncing voters in opposition to the measure. Last night’s outcome makes Ohio the 24th state to allow adult-cannabis, 14 of which have done so by way of a public vote.
Per the new legislation, adults ages 21 and up can legally buy and possess up to 2.5 ounces of cannabis and grow plants at home—up to six plants per person and 12 plants per residence, where at least two adults reside. A 10% tax will be imposed on cannabis purchases and will go toward administrative costs, addiction treatment, municipalities with dispensaries, and social equity and...
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