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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index dropped 4.75 points to 627.19 Wednesday. Hawaii has become the 26th state in the United States to decriminalize possession of small amounts of marijuana. Under the new law, those caught with three grams or less will no longer face a misdemeanor charge that had been punishable by up to 30 days in jail and a $1,000 fine. Those caught with small amounts of marijuana will now face a fine of up to $130, but no jail time. The legislation is set to become law in Hawaii in January, 2020. Possession of larger amounts can still result in jail time and larger fines. According to the Marijuana Policy Project, an advocacy group, three grams would be the lowest limit of any state that has decriminalized the possession of marijuana. The advocacy group said the change was still significant, though, for a state that had potential punishment of a 30-day jail term for holding "a tiny amount" of marijuana.

While Hawaii was the first state to legalize medical marijuana in 2000, the long-awaited decriminalization does not necessarily mean the state is close to legalizing recreational marijuana. Hawaii governor David Ige said at a news conference last month, "Hawaii can benefit from not being at the head of the table, that we would be smart to engage and recognize what's happening in other states, acknowledge the challenges and problems that it has raised and allow us to look at how we would implement it here in a much better controlled fashion." According to ABC News, Mr. Ige has previously voted against legislation that would have made it legal to transport medical cannabis in Hawaii from island to island, and he voted against another bill that would have created an industrial hemp licensing program.

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