Illinois Becomes 11th State to Legalize Recreational Marijuana
(Bloomberg) -- Illinois lawmakers voted to legalize recreational marijuana, becoming the 11th U.S. state to do so and bolstering Governor J.B. Pritzker's efforts to shore up the finances of the cash-strapped state.
The House of Representatives Friday passed the measure that allows the purchase and possession of cannabis by those who are 21 and older starting in 2020. The Senate approved the bill on Wednesday. Pritzker, who took office in January, had made legalization a key platform in his campaign and said soon after the legislation passed that he will sign it. The billionaire Democrat's budget proposal for the year that starts July 1 included an estimated $170 million from the sale of producer licenses.
Illinois joins a growing movement to end the prohibition of the drug: ten other states and the District of Columbia have legalized recreational pot in the past seven years, according to the National Conference of State Legislatures. Illinois's move follows Michigan, potentially creating a hub in the Midwest after efforts to legalize in New Jersey and New York stalled earlier this year.
Read more: Marijuana's Path From Taboo to Legit to Job Engine: QuickTake
The bill also allows for some drug convictions to be expunged. Convictions for amounts of cannabis up to 30 grams would be dealt with through the governor's clemency process, and for amounts 30 to 500 grams, the state's attorney or an individual can ask the court to vacate the conviction.
The cash from taxation and licenses is needed as Illinois struggles with chronic budget shortfalls, about $7 billion of unpaid bills and state pension funds that are short $134 billion. The fiscal pressures have pushed its credit rating to one level above junk-grade, making Illinois the lowest rated U.S. state.
Illinois is the second state after Vermont to legalize recreational marijuana through the legislature, while other states used ballot initiatives, according to the National Conference of State Legislatures.
--With assistance from Craig Giammona.
To contact the reporter on this story: Elizabeth Campbell in Chicago at ecampbell14@bloomberg.net
To contact the editors responsible for this story: Shannon D. Harrington at sharrington6@bloomberg.net, Michael B. Marois, William Selway
©2019 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
