Finance
Weed stocks: Michigan legalizes marijuana recreational use
Weed stocks were gaining ground early Wednesday after Michigan
became the 10th US state to legalize marijuana for
recreational use. Voters rejected
a similar measure in North Dakota, while the legalization for
medical use passed in both Utah and Missouri.
Following the results, cannabis producers were rising across the
board. Here’s a look at the premarket scoreboard at 7:15 a.m. ET
on Wednesday:
Cannabis stocks have captured the attention of both Main Street
and Wall Street this year. In August, Constellation Brands, the
maker of Corona beer and Svedka vodka, announced a
$4 billion investment in Canopy Growth. That led to a “green
rush” into the sector, with market values of the biggest names
more than doubling.
Last month,
Canada became the second country to legalize marijuana for
recreational use,
putting a top in shares. But the future remains bright for
the sector.
“We believe that the legalization in Canada offers a road map to
invest in the companies that will form the basis of the legal
cannabis industry in the coming years,” Jon Trauben, a managing
partner at the cannabis-focused Altitude Investment Management,
said.
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