Cannabis was a big winner in many states this election year! Just in California, 31 of the 35 initiatives were approved, which could mean many more licenses. In other states, either medical use, adult use, or both were approved. Let's welcome the following to the cannabis space:
Arizona- Adult Use
Mississippi- Adult Use
Montana - Adult Use
New Jersey- Adult Use
South Dakota- Medical and Adult Use
Mississippi- Medical Use
With so many wins in the cannabis space, more states should come on board, which gets this industry closer to federal legalization.
What does this mean for the states already legalizing cannabis use? Banking has been a big question in all states. The SAFE banking act is still on the table, and that can bring big changes to the industry. Also, with more states legalizing cannabis, those that have not yet will be taking a close look at what is happening in the other states.
In all, this is great for the industry!
With all these cannabis wins, it is still important to have great accounting in place. The IRS will continue to look closely at the industry, making sure that all rules and regulations are being followed. Don't get stuck paying large fines, or even loosing your license, get your accounting in place now!