The war on drugs in the U.S. has been one that has affected the lives of many Americans across all 50 states. On Tuesday, several states were in the process of voting for the legalization of marijuana. The state of Oregon had bigger plans.
Oregon voters approved a ballot measure to not only decriminalize marijuana, but also the possession of small amounts of hard drugs such as heroin, cocaine, and LSD. Rather than facing a serious misdemeanor or felony charge, possession of these small amounts will be punishable with a $100 fine.
Among the list of substances, Oregon is now the first state to legalize psilocybin, the active ingredient in so-called magic mushrooms. This does not mean that Oregon citizens can start growing these things in their garden. With the recent release of lots of different research regarding psilocybin and mental health, the use of psilocybin has been legalized in Oregon for mental health treatment in supervised settings only.
Oregon isn’t the only state to make moves towards deregulation. New Jersey and Arizona for example also voted to legalize the recreational use of marijuana this week. This could prove to be a good source of tax revenue for the government overtime, which is said to be used to help and treat the citizens of Oregon for drug and mental health related problems.
As for market movement, the big names in marijuana (Canopy Growth, Tilray, Cronos) all fell around 7% throughout the trading day.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.