Pot Stocks Surge on Heels of Midterm Election Results

Marijuana legalization on the ballot in four states

MI voters overwhelming favored the legalization of recreational marijuana, but that doesn't mean you can pull out a victory cigar... or blunt, just yet.

After a very exciting midterm election, it looks like a few more states will have legal cannabis.

In Utah and Missouri, voters approved changes to the ledger, paving the way for marijuana use for medical purposes in each state.

A recreational marijuana measure in North Dakota, Measure 3, would also legalize possession and sale of the plant, albeit without implementing a state-wide system to tax and regulate purchases.

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MI became the 10th US state to legalize recreational pot use, according to CNN and advocates.

Supporters of the marijuana ballot measure in MI expect legalization to bring in about $130 million more in tax revenue each year.

Last month, Canada became the second country to legalize marijuana for recreational use, putting a top in shares. MI is the latest addition to a growing roster of states that have voted to legalize the recreational use of marijuana in recent years, bringing the total count to 10 states. Counting Oklahoma, where voters approved medical marijuana in June, three red states have taken that step this year.

Once considered a taboo product, a growing number of Americans support marijuana legalization.

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There are now 10 states with legal recreational marijuana markets and 33 where medical cannabis is legalized.

Kristin Schrader, 51, a Democrat from Superior Township in Washtenaw County, said she voted to legalize marijuana because she doesn't want people leaving MI to get it. As there's no list specifying qualifying illnesses or disorders, doctors will be allowed to recommend medical cannabis to patients as they see fit. Amendment 4 was one of 13 ballot initiatives that Floridians considered this year, but it has received the most attention as it enfranchises the largest population in US history since women's suffrage.

Proposition C would have altered state law to place a 2 percent tax on medical weed that would go to veteran services, drug treatment, early childhood education, and public safety in cities with dispensaries. If more than one measure passes, the proposal with the largest affirmative vote will become law.

It's unclear if marijuana bills could get through the Republican-held Senate.

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