CNBC’s “Squawk Alley” team discusses what’s next for cannabis stocks as weed becomes legalized in more states across the country with Vivien Azer of Cowen. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
Voters in four states on Tuesday greenlighted measures to legalize and tax recreational marijuana for adults.
Arizona, Montana, New Jersey and South Dakota have joined the 11 states that have already legalized recreational pot.
Those other states are Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, Vermont and Washington state.
Meanwhile, Washington, D.C., permits adults age 21 and over to possess up to 2 ounces of marijuana and allows for the transfer of up to an ounce to another adult — but you can still be arrested for selling it.
Voters also approved measures for medicinal marijuana in Mississippi and South Dakota.
“New Jersey legalized it, but so did deep-red South Dakota and Montana,” said Steve Hawkins, executive director of the Marijuana Policy Project. “It shows that regardless of political ideology or party differences, American support cannabis legalization.”
It also helps that levying legal pot could help states strengthen their coffers amid the current economic downturn. It comes down to their approach to the tax, policy experts said.
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