Pot stocks were in focus Wednesday after voters in Michigan chose to legalize recreational marijuana. Michigan became the 10th U.S. state to legalize recreational cannabis.
Michigan joins Washington, Oregon, California, Nevada, Colorado, Maine, Vermont, Massachusetts, Alaska. The District of Columbia also has legalized recreational marijuana use.
Pot stocks were climbing sharply on the news.
Tilray Inc. (TLRY) jumped 11%.
Canopy Growth Corp. (CGC) rose 0.42%.
Aurora Cannabis Inc. (ACB) gained 1.9%.
Cronos Group Inc. (CRON) fell 0.44%.
ETFMG Alternative Harvest ETF (MJ) increased 1.7%.
Pot stocks have been some of the most hotly traded in recent weeks as mainstream acceptance, investments from the the alcohol industry, and full legalization of cannabis in Canada last month have suggested a brighter future for the multi-use plant.
It wasn't all good news for marijuana interests at the polls Tuesday, however, as a measure to legalize recreational use in North Dakota was defeated.
Medical marijuana legalization bills passed in Utah and Missouri.
More than 20 other states allow marijuana use for medicinal purposes.