Market Overview

Marijuana Now Legal In America's Wildest State

Share:
Marijuana Now Legal In America's Wildest State

Alaska became the third U.S. state to allow adults to grow and possess marijuana for recreational purposes on Tuesday, despite some push-back from small Alaskan communities who worry that the state’s high rate of substance abuse could be exacerbated by the new rules.

For the moment, lawmakers are still working to create laws governing the sale of cannabis, but most expect to see dispensaries popping up throughout Alaska by 2016.

Safe Usage A Priority

Much like Colorado and Washington, Alaska is investing heavily in education programs to prevent marijuana abuse as the new law takes effect.

Groups supporting the legalization have been promoting safe usage, saying that the effects of marijuana legalization in Alaska will set the tone for future legislation throughout the U.S.

Marijuana A Money Maker

Once the state works out a system for legal sales of the drug, lawmakers are expecting the state to receive a sizable income from taxes.

One study estimated that Alaska could garner up to $8 million in its first year of recreational marijuana sales, and that figure is only expected to grow. By 2020, the study projected marijuana tax revenue of over $20 million.

Related Link: Lawmakers Push For Federal Law To Align With States' Marijuana Legislation

Federal Legislation A Question Mark

The financial benefits of cannabis sales coupled with growing public interest has made marijuana legalization a hot topic for 2015.

With more and more states expected to follow in Alaska’s footsteps this year, many see the federal government amending its own laws, which currently consider the possession of marijuana as a criminal offense.

 

Related Articles

View Comments and Join the Discussion!

Posted-In: Alaska marijuana marijuana reformNews Politics Top Stories Markets General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com