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The recreational cannabis ballot initiative in South Dakota, known as Initiated Measure 29 (IM 29), will not directly lead to the legalization of cannabis sales. For sales to become legal, further action from the state legislature would be required.
IM 29 primarily aims to decriminalize the use, possession and free sharing of up to two ounces of cannabis for individuals 21 years of age and older. Currently, possessing cannabis is considered a misdemeanor that could result in up to a year of jail time. The measure would also decriminalize cannabis edibles and concentrates, which are currently classified as felonies in the state, carrying potential prison sentences of up to five years.
Decisions regarding the establishment of a legal market for cannabis sales would be left to the state legislature during its annual lawmaking session, which runs from January to March.
The cautious approach to legalization is a result of a failed attempt in 2020 to legalize marijuana for both medical and recreational purposes in South Dakota. That effort, which was supported by a majority of voters, was struck down in court for violating the state’s rule for ballot initiatives. As a result, IM 29 focuses on legalizing distribution and possession while leaving the creation of a retail market for future legislative discussion.
A fiscal note prepared by the Legislative Research Council estimates that passing IM 29 could save South Dakota counties about $581,556 annually in costs related to prosecutions and incarcerations for misdemeanor marijuana offenses. However, the note does not address the potential savings from decriminalizing felony possession of concentrated marijuana.
House majority leader, Representative Will Mortenson, stated that he anticipates the legislature will deal with retail cannabis market regulation if IM 29 passes. The foundation has already been established. A law to regulate cannabis sales was passed by the state senate in 2022, but it was not approved by the house. Mortenson also notes that there is resistance to the legalization of cannabis, with certain legislators holding steadfast antilegalization stances.
Recent polling showed that 42% of voters supported IM 29, while 542% opposed it and 7% remained undecided.
Opponents have raised concerns about the increased potency of current cannabis, potential public-health risks and the possibility of higher crime rates in states that have legalized the drug. They contend that the cost of addiction treatment and law enforcement would exceed any tax income from the legal sales.
Supporters of IM 29 counter these arguments, however, pointing out that states with legalized cannabis have already collected billions in taxes. Additionally, they emphasize that IM 29 would still prohibit driving while intoxicated and that legalization would grant legislators the authority to control the potency of cannabis products.
Companies with interests in the marijuana industry, including Innovative Industrial Properties Inc. (NYSE: IIPR), will be watching to see whether the voters of South Dakota finally get a chance to legally access recreational marijuana.
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