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Weed stocks are rallying after Michigan legalizes marijuana for recreational use

  • Voters in Tuesday’s midterm elections made Michigan the 10th US state to legalize the recreational use of marijuana.
  • Utah and Missouri legalized the medical use of marijuana.
  • Weed stocks were rallying across the board Wednesday.
  • Watch Aurora CannabisAphriaCanopy GrowthCronos Group, and Tilray trade live.

Weed stocks were gaining ground early Wednesday after Michigan became the 10th US state to legalize marijuanafor 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. Here’s a look at the premarket scoreboard at 7:15 a.m. ET on Wednesday:

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 $4 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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