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Four States Legalize Pot Sales

Voters extend trend toward recreational marijuana

CHICAGO -- Voters in four states, including California, legalized recreational use of marijuana in this week’s election, extending a trend across the country despite cannabis being illegal on a federal level.

On Nov. 8, the question of recreational marijuana use was on the ballot in California, Arizona, Maine, Massachusetts and Nevada. In addition to California, voters approved the measure in Maine, Massachusetts and Nevada. Arizona voters rejected the measure.

Residents in Florida, North Dakota and Arkansas voted to allow the sale of marijuana for medical purposes.

While some observers believe it’ll be a while before convenience stores can sell marijuana, the product holds promise for a channel facing declining tobacco sales.

Each state will ultimately decide its own parameters regarding sale and regulation, but the revenue generated could be in the billions. In the first half of this year, marijuana store sales in Colorado alone generated $458.7 million in revenue.

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