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Reports US

US stock market daily report (February 27, 2014, Thursday)

February 28, 2014, Friday, 05:11 GMT | 00:11 EST | 09:41 IST | 12:11 SGT
Contributed by Millennium Traders

Alaska Lieutenant Governor Mead Treadwell formally certified that a petition campaign for a measure to legalize the sale and recreational use of marijuana for adults, had gathered over 36,000 valid signatures from registered voters, nearly 6,000 signatures more than legally required to qualify. Chief petitioner for the Campaign to Regulate Marijuana Like Alcohol in Alaska, Tim Hinterberger, turned in over 48,000 signatures, with 31,593 found to be valid. The validity rate of nearly 79% is lower than previous initiatives in Alaska, but far greater than the two-thirds rule-of-thumb most campaigns rely on.

Marijuana advocates are making their move on America's Last Frontier to legalize pot. The push to legalize recreational pot use in Alaska is part of a broader state-by-state effort to end prohibition of marijuana, which remains classified as an illegal narcotic under federal law. Voters will let their voices be heard on the measure on Alaska's primary election ballot on August 17. If passed, Alaska will become the third U.S. state to legalize the sale and recreational use of marijuana for adults. If the initiative passes law, adults 21+ will be permitted to possess up to one ounce (28 grams) of marijuana for private personal use and to grow as many as six cannabis plants for their own consumption.

Passing of the sale, growth and possession of marijuana lays a course for state-regulated commercial sales of pot in a framework similar to systems established by Colorado and Washington state, becoming the first states to legalize recreational marijuana in 2012. The legalized sale of marijuana in Colorado and Washington's is patterned after the system adopted by many states for the sale of alcohol. Alaska would collect a tax of $50 per ounce of marijuana sold at wholesale level.

Under the proposed law it will remain legal to give marijuana or pot plants to other adults, for free. Individuals will be fined $100 however, for public consumption. Alaska would create a marijuana market with producers, processors and retailers however, individual localities will maintain the right to ban marijuana businesses.

In 1975, an attorney by the name of Irwin Ravin was arrested in Alaska for possession of pot, in an effort to challenge the state's prohibition of it. Alaska's Supreme Court, in Ravin v. State, concluded that Alaska's constitutional right to privacy protects adults 18+ for the possession of up to four ounces of marijuana as well as, cultivation of up to 25 marijuana plants in ones home.