Marijuana stocks rally after Michigan votes to legalize recreational cannabis
Thomas Franck | Michael Sheetz Published 10 Hours Ago Updated 10 Mins Ago
Michigan voted on Tuesday to legalize marijuana for recreational use, ending decades of prohibitive regulation and ushering in a new era of cannabis law and a burgeoning cannabis industry, according to an NBC projection.
Cannabis stocks got a boost following midterm election results which largely favored the marijuana industry. Shares of major Canada-based cannabis companies rallied in premarket trading Wednesday. Tilray gained 6.6 percent, Canopy Growth added 3 percent and Aurora Cannabis rose 3.6 percent; Cronos Group and Aphria are up 4.2 percent and 2.4 percent, respectively.
"I think people are waiting for the Berlin Wall of Cannabis prohibition to topple over in the U.S. and I think yesterday's election removed a few more bricks from that wall," Tilray CEO Brendan Kenny told CNBC on Wednesday.
Utah and Missouri both passed measures on Tuesday which will provide access to medical marijuana.
Marijuana proponents will also get relief from the the defeat of incumbent Rep. Pete Sessions of Texas. Sessions had blocked pro-marijuana legislation several times while he served as chairman of the House Rules Committee.
Along with the Michigan yes vote, Democrats winning control of the House of Representatives should also help the industry.
https://www.cnbc.com/2018/11/06/michigan-voterssay-yes-to-legalizing-recreational-marijuana.html