Voters Legalize Potential $2.5+ Billion Cannabis Markets

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Voters Legalize Potential $2.5+ Billion Cannabis Markets
TerreDiCannabis_ / Pixabay

Voters in New Jersey, Arizona, South Dakota, Mississippi, and Montana legalize potential $2.5+ Billion Cannabis Markets

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Voters Approve New Cannabis Markets

“The marijuana industry appeared headed for a clean sweep on Election Day, with voters approving new cannabis markets in Arizona, Mississippi, Montana, New Jersey and South Dakota that could generate more than $2.5 billion in medical and recreational cannabis sales a year by 2024,” according to Jeff Smith of Marijuana Business Daily.

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New Jersey, Arizona, Montana and South Dakota represented the 12th, 13th 14th and 15th states in the country to legalize recreational marijuana markets, according to media projections. Voters also approved new medical markets in Mississippi and South Dakota, capping a 100 percent win rate for state legalization ballot measures in the 2020 election.

In New Jersey, marijuana which had been legal for medical use, will become permitted for all adults in 2021. Right now the state only has 11 approved vendors able to sell the product, so one can expect huge growth

The Presidential Race Remained Undecided

“On the federal scene, the presidential race remained undecided early Wednesday. And Republicans were hanging on to control of the U.S. Senate, but some of the pivotal races also were too close to call. Marijuana advocates believed that the Senate flipping to Democrats would accelerate federal marijuana reform, but as of 1:30 AM ET Wednesday, that looked like a long shot,” reported Smith.

 

What do you think is next for Cannabis markets?

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)www.valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver
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