Ohio to Vote on Recreational Marijuana this November
Ryan Allway
August 21st, 2015
Policy, Top News
Ohio could become the first state in the Midwest to legalize recreational marijuana if a ballot measure succeeds in the November 2015 general election.
After turning in nearly 700,000 signatures with $2.4 million spent on the signature gathering initiative, election officials determined that 400,000 signatures were false and gave the campaign 10 days to collect the remainder. The campaign surprised many legislatures by succeeding in turning in 95,000 additional signatures, bringing the total to 320,000, which is higher than the 305,591 necessary to appear on the ballot.
Many cannabis advocates have criticized the proposal for creating a monopoly – or oligopoly – among wealthy individuals. Under the proposal, 10 licensed growing operations would be established around the state that would be exclusively owned by the investors who are funding the campaign to legalize the drug. Those funders include a former Cincinnati Royals basketball player, Cleveland Browns player, and several wealthy executives.
If successful, Ohio would also be the first state to legalize medical and recreational cannabis at the same time, since the state doesn’t have any existing medical program in place.
There are a few major barriers to the ballot measure’s approval though, including the fact that November 2015 isn’t an election year and voter turnaround may be low, particularly among the demographics needed to pass the bill. House Joint Resolution 4 would also prohibit monopolies, oligopolies, and cartels from forming commercial interests, rights, or licenses to another person or entity that is not available to similarly situation entities from being written into law.
In the end, Ohio’s bill appears to be far from perfect, but could represent a first step on the way to a more appropriate legalization initiative.
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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