Cannabis Watch: Maryland may become 20th state to OK cannabis for adults

by | Nov 8, 2022 | Stock Market

Voters in Arkansas, Maryland, Missouri, North Dakota and South Dakota are weighing in on legal cannabis today, with measures on the ballot in each of those states. The state most likely to greenlight cannabis for adult use appears to be Maryland, where 70% of voters have signaled support in polls. Maryland would become the 20th state in the U.S. to allow regulated sales of adult-use cannabis.

Also read: Cannabis earnings show legal U.S. weed sales flattening out as prices decline The ballot measures in Maryland, Missouri, Arkansas and North Dakota would establish a regulated retail trade for cannabis. South Dakota voters will decide whether adults should be allowed to possess or grow cannabis; retail sales are not under consideration. The adult-use cannabis market in Maryland alone is estimated to be worth at least $1 billion. If cannabis sales to adults are legalized in Maryland, Missouri, Arkansas and North Dakota, the market in those states could be worth more than $2.8 billion by 2026, according to estimates from MJBizDaily. Cannabis stocks rose Tuesday as investors weighed the impact of the voting on the cannabis business. The AdvisorShares Pure US Cannabis ETF
was up 2.5% on Tuesday, while the ETFMG Alter …

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