The early signs are that American votes have turned on to the idea of legalising recreational use of marijuana.
Voters in eight states had the opportunity yesterday to vote on whether to legalise marijuana use, while they were also voting on who should be the next president of the USA.
Five of those states voted on whether to legalise recreational use of cannabis while three others were offered the opportunity to join the 25 states (plus the District of Columbia) where medicinal cannabis is already legal.
Voters in California, Nevada and Massachusetts voted in favour of legalising the recreational use of marijuana in state-wide polls, while those in Arizona voted against. The outcome of the vote in Maine is still awaited.
Meanwhile, voters in Florida and North Dakota have okayed the use of cannabis for medicinal purposes.
The North American Marijuana Index has risen 95 points since the beginning of September to 163 at last night’s close.
A number of quoted companies now produce marijuana legally, while there is even a company, iAnthus Capital Holdings (CNSX:IAN), that finances cannabis growers and provides expert management advice and advisory services.
Shares in iAnthus were up 3.4% in early deals on Wednesday.
Legal marijuana is among the fastest growing industries in America, with direct legal cannabis sales clocking in at around US$5.4bn in the US in 2015. Some industry observers have projected that sales will reach US$21.8bn by 2020 – an outcome that looks more likely following yesterday’s votes.
Story by ProactiveInvestors