Oregon to Vote on Recreational Legalization in November
Ryan Allway
July 24th, 2014
Policy, Top News
An initiative spearheaded by New Approach Oregon passed the minimum of 88,500 valid signatures required to quality for placement on Oregon’s November ballot, according to election workers this week. The measure will require a simple majority to pass and, if successful, would make Oregon the third state to legalize recreational marijuana, following successful initiatives in Colorado and Washington.
The ballot measure, called Initiative Petition 53, would regulate the personal possession, commercial cultivation, and retail sale of cannabis and related products to adults over the age of 21. Under the plan, the state government would raise an estimated $88 million in tax revenue in the first two years following the law’s implementation, although such estimates can vary quite a bit.
Recreational sales to adults over the age of 21 would begin in January 2016, under the proposal, while adults would be permitted to possess up to eight ounces of marijuana and cultivate up to four plants. The marijuana would be subject to a $35.00 per ounce tax that would fund programs for schools, law enforcement, drug treatment programs, and mental health programs.
According to a June poll, approximately 51% of Oregonians support allowing adults to use, possess, and grow marijuana for their personal use while allowing the state to regulate and tax it. These data suggest that the vote could become fairly close – given the simple majority requirement – although ongoing legalization initiatives could help boost public support leading up to the November general elections.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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