Five States Legalize Cannabis; Markets Expected to Reach $3.1B

(Photo by Spencer Platt/Getty Images)

While the race for the presidency and some other federal races remain undecided as of Wednesday evening, voters in five states legalized cannabis, a sweep that made it a day of celebration for many in and around the industry.

Voters in New Jersey, Arizona, South Dakota and Montana overwhelmingly approved REC measures on Tuesday night, and voters in Mississippi approved a MED program. Additionally, voters in Oregon approved measures to decriminalize all drugs and legalize psilocybin therapy and voters in Washington, D.C. decriminalized many psychedelics . . .