As Ohio voters approved a ballot initiative to legalize adult-use cannabis, industry leaders and advocates are congratulating their mid-western friends for a job well done.

Tim Conder, CEO of TILT Holdings (OTC:TLLTF), which is already operating in Ohio, said the results reaffirm that Ohioans as well as Americans overwhelmingly support cannabis legalization, which will take effect in 30 days.  

“As a proud participant in Ohio’s medical cannabis program since 2016, we look forward to serving even more Ohioans with high-quality cannabis products and personalized recommendations and care,” Conder told Benzinga in an email. “Ohio’s adult-use program will create more jobs, more tax revenue and greater investment in communities statewide.”

Conder's got that right.

The sale of retail cannabis products, which will be taxed at 10%, on top of Ohio’s normal sales tax are anticipated to generate between $276.2 million and $403.6 million in annual tax dollars by the fifth year and create at least 3,300 jobs. 

Tipping Point

Cresco Labs (OTCQX: CRLBF) CEO Charlie Bachtell called the victory in Ohio a "tipping point."

“It is clear when cannabis is on the ballot — people turn out to vote — and we commend the people of Ohio for raising their voices on an important issue that has helped break down barriers of partisanship in states across the country," Bachtell said in a statement. "Now, over 85 percent of the U.S. population lives in a state with some form of legal cannabis, and over 50 percent reside in a state with adult-use cannabis—the tipping point has been reached." 

Indeed, nearly half of Ohio's eight million voters turned out for the election. 

Advocates Speak Out

The National Organization for the Reform of Marijuana Laws (NORML), the oldest cannabis legalization advocacy group in the world (founded in 1970), praised Ohio voters.

"Cannabis legalization is an issue that unites Democrats, Republicans, and Independents," NORML’s deputy director Paul Armentano said. "Ohioans have seen similar legalization laws adopted in neighboring states and they know that regulating the cannabis market is preferable to the failed policy of prohibition. It is imperative that elected officials respect the voters’ decision and implement this measure in a manner that is consistent with the sentiments of the majority of the electorate."

Armentano’s got that right, too.

A Wednesday Gallup poll confirmed that seven in 10 Americans believe that marijuana use should be legal, the highest level yet after holding steady at 68% for the past three years. And this was before Ohio’s historic decision on Tuesday.

Known as Issue 2 and led by the Coalition To Regulate Marijuana Like Alcohol, the initiative will allow adults 21 and over to buy and possess up to 2.5 ounces of cannabis and grow up to six plants at home.