Plenty of uncertainty remains with the 2020 election, but one thing is clear: Recreational cannabis had a big night at the ballot box.
Voters in Arizona, Montana, New Jersey and South Dakota cleared cannabis for adult use, bringing the total number of states that have approved it for that purpose to 15.
“They passed overwhelmingly; they were not close races,” said John Hudak, a cannabis policy expert and deputy director at the Brookings Institution. “This is a resounding win for cannabis.”
Most industry estimates peg Arizona and New Jersey as billion-dollar markets in a few years, and companies like Curaleaf Holdings (CURLF) and Scotts Miracle-Gro (SMG) have been making chess moves well in advance of Tuesday’s election to ensure they capitalize.