Voters have spoken. Thanks to the latest round of ballot proposals, only Nebraska and Idaho will remain closed to medicinal marijuana. Meanwhile, four new states opened up to recreational sales.
Arizona, New Jersey and Montana will soon be fully “green” jurisdictions. South Dakota leaped straight from banning all forms of consumption to what amounts to decriminalization.
It is an incremental win for suppliers, widening the recreational market opportunity by about 17 million people. And the pot stocks cheered.
Aurora Cannabis Inc. (NYSE: ACB) was a $4 stock a week ago. Here we are, back within sight of $10.
Tilray Inc. (NASDAQ: TLRY) is up “only” 68% this week. All the names I track tell a similar story.
Is this what it takes to turn the trend around for this industry and long-suffering shareholders? You can bet I’ll be watching closely.