Washington, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Taxation remains in place for the natural resource-rich state as voters in North Dakota vote down Measure 3. Measure 3 would have allowed adults to grow, consume and possess as much cannabis as they want, without government oversight and without state taxation. It also would have legalized recreational use. New Frontier Data, the authority in data, analytics and business intelligence on the global cannabis industry, projected the North Dakota legal recreational cannabis market would have reached $67.5 MM in annual sales by 2025.
“It appears that voters in North Dakota are taking a more conservative approach towards cannabis legislative reform,” said Giadha Aguirre de Carcer, Founder and CEO of New Frontier Data. “Having just passed medical cannabis in 2016, the voters are taking a wait and see approach towards expanding this into the adult-use space and may revisit this again in 2020.”
Although the North Dakota market is small relative to other states, with the passage of adult-use legalization, there would have been an additional 1,500 plant-touching cannabis jobs by 2025, in addition to the 500 jobs associated with the medical cannabis market.
In 2016, North Dakotans passed Measure 5 which allowed patients that live 40 miles from a dispensary to grow their own cannabis. A proposal to legalize recreational adult use never made it to the ballot and was held for the 2018 election. Measure 3 would have permitted residents to grow unlimited amounts of cannabis and then sell it tax-free. In other states that have legalized cannabis, anyone growing it for sale is strictly regulated, and the amount people can buy is tightly controlled.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators, researchers and policymakers. New Frontier Data’s reports and data have been cited in over 69 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver, CO, London, UK, Bogota, Colombia, and Hong Kong.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry worldwide. For more information about New Frontier Data please visit: http://www.NewFrontierData.com.