70% of Maryland voters have signaled support for legal cannabis in polls. The adult-use cannabis market in the state alone is estimated to be worth at least $1 billion.
Voters in Arkansas, Maryland, Missouri, North Dakota and South Dakota are weighing in on legal cannabis today, with measures on the ballot in each of those states.
Cannabis stocks rose Tuesday as investors weighed the impact of the voting on the cannabis business. The AdvisorShares Pure US Cannabis ETF MSOS, +3.89% was up 2.5% on Tuesday, while the ETFMG Alternative Harvest ETF MJ, +0.96% rose 0.2%.Also read: Amid steep inflation, one thing is getting cheaper: cannabis
Companies with exposure to potential new markets include Body & Mind Inc. BMMJ, +3.87% in Arkansas; Curaleaf CURLF, +3.18% in Arkansas, Maryland and Missouri; Verano VRNOF, +3.38% in Arkansas and Maryland; Columbia Care CCHWF, +5.06% in Maryland and Missouri; and Green Thumb Industries GTBIF, +3.40% GTII, +2.83% in Maryland, said BTIG analyst Jonathan DeCourcey.
If voters approve the measures, more challenges await. In most cases, the state legislature or other governmental body must then craft a set of regulations in order to set up adult-use markets.
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