Pot stocks surge as midterms show growing optimism to legalize in U.S. – RICH TV LIVE – November 7, 2018 – INVESTING
Pot stocks surge as midterms show growing optimism to legalize in U.S.
David George-Cosh, BNN Bloomberg
Shares of cannabis stocks surged in early trading Wednesday after three U.S. states voted to loosen the use of recreational and medicinal marijuana amid growing optimism the country will soon pass measures to federally legalize pot.
With most polls reporting following Tuesday’s U.S. midterm elections, Michigan residents voted in favour of legalizing recreational cannabis for anyone 21 years old or older in the state, while voters in Missouri and Utah both approved ballot measures to allow the sale of medical marijuana. A ballot measure to legalize recreational use of cannabis in North Dakota failed.
Michigan would be the first U.S. Midwestern state and the second-largest behind California to allow its residents to purchase and consume recreational cannabis legally. The state’s cannabis market is estimated to be US$1.3 billion by 2022, according to Arcview Market Research.
The election results boosted U.S. and Canadian pot stocks with Tilray Inc. (TLRY.O) jumping 6.3 per cent in early Wednesday trading, while Aurora Cannabis Inc. () was up 3.3 per cent and Canopy Growth Corp. () advanced by 2.1 per cent. U.S. pot producers MedMen Enterprises Inc. (MMEN.CD), Curaleaf Inc. and iAnthus Capital Holdings Inc. (IAN.CD) all rose 5.3 per cent, 1.3 per cent, and 1.6 per cent, respectively. With the Democrats winning a majority in the House of Representatives as well as several key governor races in some U.S. states, Connecticut, Illinois, New York, and Rhode Island are all on track to legalize cannabis in the future as well as efforts to move federally on the issue, according to Vivien Azer, cannabis analyst at Cowan & Co.
“While we do not see a path forward in the Senate, the House is a different story. The GOP roadblocks to legislation are gone,” Azer wrote in a report published on Wednesday. “The House Democratic leader understands that these bills are dead on arrival in the Senate. Yet they will pass them to send a message to cannabis advocates.”
The Democrat win in the House also increases the likelihood of the Farm Bill or the STATES Act passing, which would permit Canadian pot producers to enter the U.S. market, according to BMO Capital Markets.
Reaction from U.S. pot company executives was mostly positive for a market that could be worth as much as $75 billion by 2030, according to an estimate from Cowen & Co.
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