MI voters legalize recreational marijuana

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The latest figure marks the third consecutive year that support on the measure has increased and the highest approval rating to date.

At some point, Congress will have to officially recognize what's going on by reconciling federal law, which still prohibits marijuana in any form for any goal, with state laws that tolerate medical or recreational use.

Voters in MI voted for Proposal 1, which legalizes recreational marijuana and regulates it like alcohol.

With Michigan voting to legalize adult use, neighbors like OH and IL could soon follow suit to help build a market in that region. Some in the industry see federal legalization of medical marijuana as the best path to ending prohibition in the USA, which has held big banks and institutional investors on the sidelines.

MI became the first state to legalize recreational marijuana. Per the Associated Press, the 4 percent sales tax would fund veteran health services.

With the Democrats winning key Governor races, and securing more seats in their state Houses/Senates, a few more states are likely to soon legalize marijuana.

Supporters of Proposal 1 say it will align with the state's new regulatory system for medical marijuana businesses and raise roughly $130 million in additional tax revenue each year that can go toward road repairs, schools and local governments.

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In Michigan, passage of Proposal 1 would legalize marijuana use and possession for adults 21 while paving the way for the state to set up a system for taxing and regulating retail sales.

Marijuana is illegal under federal law, though the Obama administration advised prosecutors against pursuing related cases in states that have passed legislation permitting the plant for medical or recreational purposes.

MI has become the first state in the Midwest to approve recreational use of marijuana.

Several states were added to the growing list of legal places to smoke marijuana. So far Vermont is the only state that has legalized recreational use (but not commercial production and distribution) by that route.

"Now I'm very hopeful that we can now work on getting these brothers and sisters out of jail and getting them into jobs, and that's what I'm all about", Young said.

"Encouragingly, support for cannabis achieved bipartisan support past year and Republican support was up 2 percentage points in 2018 to 53 percent", Azer told CNBC last week.

It's unclear if marijuana bills could get through the Republican-held Senate.

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