Marijuana Business Magazine January 2019

Countries included have passed legislation at the federal level and must fulfill at least one of the following criteria: • Cultivation or manufacture of medical cannabis allowed. • Doctors can prescribe medical cannabis. • Import and/or export of medical cannabis allowed. High: Countries at the forefront of the global industry. Frameworks are established, and adoption is well underway. Medium: Implementation has begun but is still limited or restricted; lots of room for the market to develop. Low: Legislation has been passed, but implementation is very limited or nonexistent. Decriminalization is not included. MAP LEGEND High level of medical development/implementation Medium level of medical development/implementation Low level of medical development/implementation Other - federally illegal but unique circumstances Recreational Marijuana Business Magazine | January 2019 18 Michigan OKs Recreational Marijuana Michigan voters approved an adult-use cannabis initiative on Election Day 2018, making the state the first in the Midwest to legalize adult-use marijuana. With the potential to generate $1.4 billion-$1.7 billion in annual sales within several years of launching, according to Marijuana Business Daily projections, Michigan’s recreational cannabis market is poised to become one of the largest in the nation. The state has one year to create the regulatory framework for the new rec market. If regulators fail to set guidelines in that time, municipalities may create rules that the state would recognize. State regulators will accept adult-use license applications only from licensed medical marijuana businesses for up to 24 months. South Korea Legislature Passes Medical Cannabis Law, First in East Asia South Korea’s National Assembly approved an amendment to allow medical marijuana, putting the country on the path to become the first in East Asia to legalize MMJ. The legislation must clear several more hurdles before being finalized, but the import of certain medical cannabis products could begin in the first half of 2019. International News Industry Developments | International & State