The future looks brighter for Hemp Inc (OTCMKTS:HEMP), FutureLand Corp (OTCMKTS:FUTL), S&W Seed Company (NASDAQ:SANW) and their peers is legal recreational marijuana business. Voters in several states have taken advantage of the 2016 election to approve various forms of marijuana use.
California, the most populous state in the U.S., hasvoted to legalize recreational marijuana.It is the same story in Maine, Nevada and Massachusetts. However, In Arizona, voters rejected the proposal to legal cannabis for recreational use in the state. Nevertheless, the approval of pot for creational use in California, Maine, Nevada and Massachusetts means a wider market for manufacturers of edibles and beverages laced with marijuana, a rapidly growing subset of legal marijuana industry.
In North Dakota,Florida and Arkansas voters have approved medical marijuana in the latest ballot, while in Montana they have voted to remove certain restrictions in the use of medical pot. Nine states had marijuana questions on the ballot in this election and cannabis seems to have scored a major victory.
In the states where medical marijuana has been newly approved, the market has widened for Cannabis Science Inc (OTCMKTS:CBIS), Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE), Cannabics Pharmaceuticals Inc (OTCMKTS:CNBX) and their peers. These companies are engaged in harnessing therapeutic benefits of cannabis to treat a range of illnesses including cancer and seizures.
The voter approval of recreationalmarijuana in this electioncomes at a time when a recent poll showed a sharp spike in the number of adults who have smoked cannabis. Gallup poll showed adult marijuana smokers nearly doubled in three years as of August 2016.
Restricted recreational use
California, Maine, Nevada and Massachusettsnow join the ranks Oregon,Alaska, Colorado and Washington that have already made cannabis for entertainment legal. Recreational marijuana is also legal in Washington, D.C.
Legal marijuana is a major revenue earner in Colodaro, where the industry created more than 18,000 full-time jobs in 2015 and generated millions of dollars in taxes. It is projected that legal cannabis industry will be worth more than $22 billion by 2020.