Weed stocks were gaining ground early Wednesday after Michigan became the 10th US state to legalize marijuana for recreational use. Voters rejected a similar measure in North Dakota, while the legalization for medical use passed in both Utah and Missouri.
Following the results, cannabis producers were rising across the board. Cannabis stocks have captured the attention of both Main Street and Wall Street this year. In August, Constellation Brands, the maker of Corona beer and Svedka vodka, announced a billion investment in Canopy Growth. That led to a “green rush” into the sector, with market values of the biggest names more than doubling.
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Weed stocks are rallying after Michigan legalizes marijuana for recreational use