US cannabis stocks edged higher on Wednesday despite three out of five states choosing not to support marijuana legalization measures on their midterm election ballots.
Maryland and Missouri voted in favor of legalizing the possession and recreational use of cannabis by people aged 21 and older, while similar measures in North Dakota, South Dakota, and Arkansas failed to gain voter support.
Cities and municipalities across the country also showed their support for drug reform measures, with five cities in both Ohio and Texas approving cannabis decriminalization measures, and three counties and five municipalities in Wisconsin approving not-binding advisory questions around marijuana legalization.
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Shares of multi-state operators Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF) and Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) were up 2.8% and 1.5%, respectively, on the news at mid-morning on Wednesday.
Canopy Growth Corporation (TSX:WEED, NYSE:CGC) had gained 5.8%, Trulieve Cannabis Corp and Green Thumb Industries both added 4.2%, Curaleaf Holdings Inc was up 1.9%, and Cresco Labs Inc had added 0.9%.
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