Arkansas Proposes Constitutional Amendment for Adult-Use Cannabis Legalization

1.7 min readPublished On: March 26th, 2024By

LOS ANGELES- In a significant move towards cannabis legalization, Arkansas advocates have filed a constitutional amendment aimed at legalizing adult-use cannabis. The proposal, now awaiting review by the state attorney general’s office, could see the legalization question placed on the November ballot if it garners the required 90,704 valid voter signatures by July 5.

The Arkansas Democrat-Gazette reports that the proposed amendment, submitted last week, seeks to establish a legal framework for the possession, cultivation, transport, and sale of recreational cannabis. The attorney general has until April 2 to issue a response, which will determine whether the initiative can move forward.

Under the proposed amendment, Arkansas residents would be allowed to purchase up to four ounces of smokable or vaporizable cannabis daily, cultivate up to 12 plants, and buy an unlimited quantity of cannabis seeds or cannabis-infused food and beverage products. The initiative introduces two classes of licenses to regulate the market: Class A licenses for the basic operations concerning recreational marijuana plants and seeds, and Class B licenses for a broader range of activities, including the production and sale of products derived from the plant. Applicants for these licenses must have been residents of the state for at least three years and would face an annual fee of up to $250 for Class A and $500 for Class B licenses.

The amendment also outlines an 8% excise tax and a 5% local sales tax on cannabis sales while imposing restrictions on sales within 1,500 feet of schools, churches, and daycare facilities.

This move comes after Arkansas voters rejected a similar proposal in 2022, signaling a continued push by advocates to reform cannabis laws in the state. Furthermore, in February, Arkansas Attorney General Tim Griffin approved a ballot initiative aimed at improving medical cannabis access, which includes a provision to legalize adult-use cannabis should it be decriminalized at the federal level.

As Arkansas navigates the complexities of cannabis legislation, the proposed amendment represents a pivotal step toward potential legalization, reflecting a broader trend of states reconsidering their cannabis policies amidst changing public attitudes and the economic implications of legalization.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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