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Weed stocks are surging as 2 states vote on legalizing marijuana (CRON, APHA, ACB, TLRY, CGC)

marijuana cannabis

  • Americans went to the polls Tuesday, with two states voting on legalizing recreational marijuana and another two more deciding the fate of medical marijuana.
  • Weed stocks are gaining around on Tuesday.
  • So far in the US, nine states and Washington, DC allow recreational marijuana, and 32 states allow medical marijuana, but marijuana is not allowed at a federal level.
  • In October, Canada became the second country after Uruguay to legalize the recreational use of marijuana.

Weed stocks were surging Tuesday as Americans in four states will determine the fate of marijuana use at a state level.

Voters in Michigan and North Dakota are considering the full recreational use of marijuana for individuals over the age of 21. Meanwhile, citizens in Missouri and Utah are voting for medical use of marijuana.

As a result, weed stocks were rising across the board. Here's the scoreboard at 10:32 a.m. ET:

  • Cronos Group (CRON): +8.10%
  • Canopy Growth (CGC): +6.15%
  • Tilray (TLRY): +4.58%
  • Aphria (APHA): +4.48%
  • Aurora Cannabis (ACB): +3.27%

High-flying cannabis stocks have caught the attention of both Main Street and Wall Street this year. In October, Canada became the second country after Uruguay to legalize the recreational use of marijuana.

At the time, Jon Trauben, managing partner at the cannabis-focused Altitude Investment Management, said, "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." 

In the two months before Canada's recreational legalization, the biggest cannabis stocks all more than doubled in value. But after the legalization, they've been hard hit.

While marijuana is not allowed at the federal level in the US, some states have already opened the door for the market. So far in the US, nine states and Washington, DC allow recreational marijuana, and 32 states allow medical marijuana.

Read more stories on weed stocks:

  • The weed-killing chemical involved in a Monsanto lawsuit was found in Cheerios and Quaker Oats products. Here's how worried you should be.
  • The CEO of a $1.3 trillion brokerage warns buyers to beware weed stocks and explains how the market's recent turbulence is good for business
  • Weed stocks are tumbling as Canada becomes the 2nd country to legalize marijuana

 

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