Cannabis Watch: Voters approve cannabis use for adults in one red state, one blue state

by | Nov 9, 2022 | Stock Market

Industry pundits mostly praised the mixed results for cannabis votes in Tuesday’s midterm elections, as Maryland and Missouri became the 20th and 21st U.S. states to allow adults over 21 to buy cannabis. Measures failed in Arkansas, South Dakota and North Dakota, however. The results marked a marginal gain for the adult-use cannabis industry, which continues to roll out in more U.S. states.

Also Read: Maryland, Missouri vote to legalize recreational cannabis, while 2 states reject measures Cowen analyst Vivien Azer said the “cannabis green wave hit a wall” with defeats in the three states. Maryland and Missouri only represent about 3.8% of the U.S. population over 18 years old, but they add to the growing count of states allowing adult-use cannabis, she said. “It’s worth noting that as the industry has moved to penetrate deeper ‘red’ states, even measures that failed saw support consistently over 40%,” Azer said. Joe Caltabiano, co-founder of Cresco Labs
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and the JSC FUnd, said one of the best outcomes of the election is that it will boost the number of U.S. Congress members from states with adult-use cannabis. “Federal reform…will provide security for these workers, fairness for cannabis businesses and confidence for the investors who need a clear roadmap to continue support of the industry’s growth,”  Caltabiano said in an email to MarketWatch. One of the key measures on the table for Congress is the SAFE Banking bill — also called the Safe Plus Banking bill to open up the financial system to cannabis companies. Also Read: Cannabis stocks rally after Sen …

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