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 Hot Stock to Watch |
Company: Medical Marijuana Inc. (Pink Sheets: MJNA)
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Last:
Price: 0.1365
Change (%): + 0.0226 (19.84)
Volume: 20,264,007 |
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Medical Marijuana Inc. Anticipates Increased Opportunities For Its Portfolio Company with Colorado Voters Passage of Amendment 64, Becoming First State to Legalize Marijuana for Recreational Use
SAN DIEGO, Nov. 7, 2012 /PRNewswire/ -- Medical Marijuana Inc. (OTC: MJNA), a leading hemp industry innovator, commends the millions of Colorado voters who helped pass Amendment 64 by about 66 percent in the November 6 elections. The positive vote, which crossed partisan lines, marked history by making Colorado the first state in the U.S. to remove prohibition and legalize marijuana for recreational use for adults over 21. The decision will allow large-scale commercial production and sales, is expected to bring both jobs and significant tax revenue to the state economy. The regulation will be overseen by Colorado's Department of Revenue.
According to The Denver Post, "The amendment will allow those 21 and older to purchase up to one ounce of the drug at specially regulated retail stores. Possession would be legal but not public use. Adults could grow up to six marijuana plants at home. It sets up a direct challenge to federal drug law, which regulates it as an illegal substance. Federal authorities have not said how they will respond."
State criminal penalties for possessing the drug won't disappear until the election is certified, which could take up to two months, and questions about regulation and enforcement still need to be worked out, according to The Denver Post, which also states that the first recreational stores would be slated to open in January 2014 and would be separate from existing medical marijuana dispensaries.
In addition to Amendment 64 passing, voters in Fort Collins, CO approved an ordinance that would allow medical marijuana businesses to once again operate in the city. The vote came a year after a city election that shut down the businesses. The ordinance allows dispensaries to reopen, but it includes some restrictions, such as capping the number of dispensaries at one per 500 registered medical marijuana patients, according to The Coloradoan. Additionally, voters in Berthoud showed support Tuesday for Herb's Medicinals, the town's only medical marijuana dispensary, that would have been forced to close its doors in ballot Question 300 had they not opposed the measure and successfully won.
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