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

Nick Lachey
Joe Scarnici/WireImage

Nick Lachey attends the 2015 Entertainment Weekly Pre-Emmy Party at Fig & Olive Melrose Place on September 18, 2015 in West Hollywood, California. 

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 the legalization was approved. According to the Washington Post, tied to the legalization bill was a rule that "Cultivating and selling pot would be limited to 10 pre-determined 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."

Jessica Simpson Calls Marriage To Nick Lachey Her Biggest Financial Mistake

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 dollars 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.