If voters approve marijuana-related ballot measures on Tuesday, Florida, North Dakota, and Nebraska could generate a collective $3 billion in the first year of regulated sales, according to projections from the MJBiz Factbook.
By their fourth year, these markets may reach an estimated $4.3 billion in total sales, finds the report.
Florida’s adult-use cannabis market holds the highest potential, driven by its population of 22 million residents and an estimated 140 million annual tourists. Should voters pass Amendment 3, Florida is expected to compete with California and Michigan, with recreational marijuana sales likely to reach $2.9 billion in the first year and surpass $4.1 billion by year four. Although polls indicate strong support for Amendment 3, some industry insiders warn that legislative delays could push back the market’s launch.
In North Dakota, Initiated Measure 5 would establish an adult-use marijuana market, potentially bringing in $70 million in the first year. While conservative North Dakota has previously rejected legalization efforts, a medical marijuana program supporting 10,000 patients could bolster initial sales.
Nebraska voters will weigh Initiatives 437 and 438, which would legalize medical marijuana and set up a regulatory framework. If approved, the medical marijuana market could generate $50 million in the first year, growing to $102 million by the fourth year.
South Dakota also has adult-use marijuana on the ballot, but Initiated Measure 29 lacks provisions for a regulated market, limiting the scope of legalization if passed.
