Marijuana is now legal for adults in Alaska.
Alaska on Tuesday becomes the third U.S. state to end prohibition of marijuana, officially putting into effect Ballot Measure 2, approved by 53 percent of state voters in November.
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Despite the conflicted federal stance, legal marijuana is the fastest-growing industry in the U.S., according to a recent report from industry analyst ArcView Group. At least 10 more states are considering legalizing marijuana by 2016. By 2020, there could be as many as 18 states where recreational marijuana is legal.
When regulated marijuana sales begin next year in Alaska, the industry is likely to generate millions in tax revenue. According to a recent study, as much as $8 million in marijuana taxes could flow into state coffers in the first year of sales, with more than $20 million projected by 2020.
