Ohio's Decision Not to Legalize Weed Cost Nick Lachey a Lot of Money

Nick Lachey Summer TCA - H 2012
Frederick M. Brown/Getty Images

Nick Lachey Summer TCA - H 2012

Ohio voters' decision yesterday to not legalize marijuana for either recreational or medicinal purposes will have big consequences for Nick Lachey.

The former 98 Degrees star was part of a small group of investors who stood to make big bucks if marijuana legalization was approved in the state of Ohio. According to the Washington Post, tied to the legalization bill was a rule that "cultivating and selling pot would be limited to 10 predetermined farms. Any pot distributor in Ohio would have no choice but to buy marijuana grown from one of these farms. In essence, it's a marijuana monopoly."
Many individuals and groups that were previously pro-legalization were uncomfortable with voting to create a huge monopoly for just a few individuals in a business that is expected to bring in $1 billion a year, per the Post
The proposed legalization was narrowly defeated Tuesday (Nov. 3), and Lachey, for one, is bummed but seems committed to trying again.

This story first appeared on Billboard.com