The surge of state-level marijuana legalization victories on Election is already having a ripple effect as nearby states—hoping to get in on the expected gold rush—start to push for cannabis reform too. The win in New Jersey, for example, is putting pressure on neighboring New York and Pennsylvania to fast track legalization there. Connecticut Governor Ned Lamont said the wins underscore the need for his state to enact policy changes in a regionally coordinated manner. And in the Southwest, a legalization victory in Arizona is emboldening pro-pot groups in New Mexico to jump on the bandwagon, with policymakers noting that 40 percent of sales in legal-state Colorado are from out-of-state visitors.
Meanwhile, the Wall Street Journal reports that despite the state legalization victories, federal-level cannabis reform would be unlikely if Republicans maintain control of the Senate. In that scenario, full legalization is probably off the table until after the midterm elections, keeping cannabis companies effectively locked out of the capital markets—while they are still able to significantly expand their retail market reach in legal states.
And finally, big drug distributors may have agreed to a $21 billion settlement in the opioid lawsuits, some $3 billion more than a previous offer last year. The companies—McKesson, Cardinal Health and AmerisourceBergen—would pay that amount over 18 years to resolve lawsuits brought by cities, states, counties, the federal government and Native American tribes over the firm’s mishandling of deliveries of opioid painkillers and fueling a public-health crisis.