Recreational marijuana advocates were lighting up and passing joints in Detroit after a ballot proposal passed to legalize pot.
One example of a possible timeline for MI comes from Colorado: Voters approved recreational marijuana in November 2012, but it didn't officially become legal to sell until 2014.
The ETFMG Alternative Harvest (MJ) ETF, which invests primarily in cannabis companies, surged 2.2% ahead of market open Wednesday morning after a 17% gain in the week leading up to midterm elections. Per the Associated Press, the 4 percent sales tax would fund veteran health services.
Voters have spoken and the proposition to legalize recreational marijuana in MI has been approved.
A recreational marijuana measure in North Dakota, Measure 3, would also legalize possession and sale of the plant, albeit without implementing a state-wide system to tax and regulate purchases. According to the latest Gallup poll, two-thirds of Americans think marijuana should be legal for recreational use.
MI voters approved a law that legalized the possession, use, and cultivation of marijuana products by those who are at least 21 years of age.
Last month, Canada became the second country to legalize marijuana for recreational use, putting a top in shares.
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MI is the only state that legalized recreational marijuana Tuesday, and it is the first state in the Midwest to do so.
Because voters chose not to add any restrictions, the state law will remain as it now stands, allowing the city to have up to eight retail marijuana stores.
In Illinois, Democrat JB Pritzker successfully ran on a pro-legalization platform to unseat first-term Republican Governor Bruce Rauner.
There were three statewide proposals on Tuesday's ballot.
A Gallup poll released last month found that 66 percent of Americans, the highest level ever in the firm's almost 50 years of surveys on the topic, support marijuana legalization. Sales there, estimated to start in 2020, could grow to as much as US$1.7b in the coming years, according to the trade publication Marijuana Business Daily. Amendment two passed. That allows doctors to prescribe medical cannabis to patients. If more than one measure passes, the proposal with the largest affirmative vote will become law.
Just yesterday, Senator Olga Sanchez, Mexican President-elect Andrew Manual Lopez Obrador's choice for interior minister, announced plans to submit a recreational marijuana bill to Congress.