Marijuana Stocks Rally After Michigan Votes to Legalize Recreational Cannabis

Marijuana Stocks Rally After Michigan Votes to Legalize Recreational Cannabis

Shares of major Canada-based cannabis companies rallied in pre-market trading Wednesday.

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November 7, 2018
CNBC
Canada Legislation and regulation News State by State: Michigan

Michigan voted on Tuesday to legalize marijuana for recreational use, ending decades of prohibitive regulation and ushering in a new era of cannabis law and a burgeoning cannabis industry, according to an NBC projection.

 

Cannabis stocks got a boost following midterm election results which largely favored the marijuana industry. Shares of major Canada-based cannabis companies rallied in pre-market trading Wednesday. Tilray gained 6.7 percent, Canopy Growth added 2.9 percent, Aurora Cannabis rose 4.1 percent, while Cronos Group and Aphria each rose 5 percent.

 

"I think people are waiting for the Berlin Wall of Cannabis prohibition to topple over in the U.S. and I think yesterday's election removed a few more bricks from that wall," Tilray CEO Brendan Kenny told CNBC on Wednesday.

 

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Top photo courtesy of Adobe Stock

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