These states are voting on cannabis legalization this November

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In 2016, the US election resulted in a green wave as cannabis legalization measures passed in eight out of nine states.
San Francisco (CNN Business)

Now, the industry and its supporters are hoping for another big win in November.

This year, voters in five states will decide whether to adopt either new medical or recreational cannabis laws -- or, perhaps, both in the case of one state.

As it stands now, 33 states have legalized medical cannabis, and of those, 11 states have legalized cannabis for adult recreational use.

If more states join that list, it could serve as a huge opportunity for industry growth as legalization supporters believe successful ballot initiatives could have a domino effect on other states -- especially those looking to address budgetary and social justice issues.

"We've seen public support continue to grow every year," said Karen O'Keefe, director of state policies for the Marijuana Policy Project, the legalization advocacy group backing several of the measures.

Cannabis sales in states that have legalized the plant for medical and recreational purposes totaled about $15 billion in 2019, and are expected to top $30 billion by 2024, according to data from BDS Analytics, which tracks dispensary sales.

Below is a look at the five states voting on legal cannabis this November.

Arizona

Four years ago, residents in the Grand Canyon State narrowly defeated an initiative to legalize recreational cannabis. It failed by fewer than 67,100 votes, with 51.3% of voters saying no.

The 2016 measure was hotly contested, attracting a combined $13 million from high-profile donors such as soap company Dr. Bronner's, which was in favor of the measure, and opponents such as billionaire casino magnate Sheldon Adelson, tire retailer Discount Tire, and pharmaceutical company Insys.

Harvest Health & Recreation HRVSF Curaleaf CURLF Cresco Labs CRLBF This time around, the backers of the recreational cannabis initiative include some of the biggest names in the US cannabis business -- an industry that has matured significantly during the past four years. State election finance…
Alicia Wallace, CNN Business
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