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Montana just voted to legalize marijuana for all adults, but it could be more than a year before you can buy legal weed there

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Skye Gould/Enterprise Insider

Voters in Montana approved ballot measures to legalize the consumption and sale of marijuana for adults over the age of 21.

The primary initiative, I-190, legalizes the possession and use of much less than one ounce of marijuana. The measure imposes a 20% tax on marijuana gross sales and permits for the resentencing and expungement of marijuana-related crimes.

Although Montana isn’t a populous state, the initiative’s success is one other signal that public opinion is shifting to favor marijuana legalization. A College of Montana study discovered that legalizing cannabis could generate $260 million in gross sales by 2026.

The initiative additionally kicks it to Montana’s Division of Income to develop guidelines for the state’s marijuana business.

Learn more: Top Wall Street analysts say these are the 7 cannabis stocks to bet on now that will benefit investors if Biden defeats Trump in November

Montanans will be formally allowed to use marijuana on January 1, 2021, and the state would start accepting purposes to open dispensaries a year later, on January 1, 2022. I-190 can even arrange a strict residency requirement for Montana’s cannabis business, which means native operators would profit most. 

The opposite initiative, I-118, permits the Montana state legislature to mandate a minimal legal age for the use, possession, and buy of marijuana. 

I-190 handed with over 56% of the vote, and I-118 handed with over 57% of the vote as of 10 a.m. Wednesday morning, in accordance to Resolution Desk HQ.

Key dates:

January 1, 2021: Marijuana turns into legal for Montanans to possess and eat

January 1, 2022: Montana begins accepting dispensary purposes

Learn the textual content of poll initiative I-190 here, and I-118 here.

Learn more: The ultimate guide to marijuana legalization: All the states voting on cannabis reform in November, the probability of success, and which stocks could benefit the most

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