As New Jersey closes in on what could be a watershed vote to legalize recreational marijuana use, investors are taking a renewed interest in the profit potential of growers, sellers and so-called cannabis-adjacent companies.
New Jersey is one of four states whose voters will decide next month on whether to legalize marijuana for recreational use; the others are Arizona, South Dakota, and Montana. And if cannabis gets the green light in the Garden State, that would dramatically ratchet up the pressure on Pennsylvania to do the same or lose out on a tax windfall during hard fiscal times.
The surge in optimism follows months of stock market highs and lows — the pun is unavoidable — for public firms in the marijuana and CBD industries. After a supply glut earlier this year in Canada and a dearth of financing, stock prices plunged for most of the leading firms.
– Read the entire article at The Philadelphia Inquirer.