Alaska Will Vote on Cannabis Legislation in August
Ryan Allway
February 10th, 2014
Policy, Top News
Cannabis advocates in Alaska surpassed the required 30,169 signatures needed for the issue to appear on ballots during elections on August 19, 2014. If the measure succeeds, Alaska will join Colorado and Washington to become the third state legalizing adult use marijuana despite federal prohibition.
The Alaskan proposal was modeled after the Colorado law that’s currently in effect, allowing residents to possess up to an ounce of marijuana and grow up to six plants. The legislation would also provide the groundwork for a system designed to tax and regulate the sale of cannabis within the state.
Alaska plans to impose a $50 per ounce tax on legally sold marijuana in licensed stores within nine months of enactment. In Colorado, similar taxes are expected to bring in more than $70 million in 2014. Legalization of marijuana is also expected to reduce the burden on law enforcement.
According to Anchorage Daily News, 43% of Alaskans favored decriminalization in 2010 compared to 38% a decade ago. These figures may have jumped even higher to 54% judging by a survey conducted last year by Public Policy Polling in partnership with the Marijuana Policy Project in Alaska.
Read More on Anchorage Daily News
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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