5 states just voted on marijuana legalization. Here's everything you need to know.

5 states just voted on marijuana legalization. Here's everything you need to know.
Skye Gould/Business Insider

New Jersey, Arizona, South Dakota, and Montana voted to legalize cannabis for all adults over the age of 21 this week. South Dakota also passed a medical-cannabis measure, making it the first state to pass both medical and recreational cananbis at the same time. Mississippi voters also decided to implement a medical-marijuana program.

We've put together a comprehensive tracker to explain the ballot measures and the significance of each one's passing. It's available exclusively to Business Insider subscribers.

Tune in next week to hear Business Insider's cannabis team talk about how marijuana's election triumph is reshaping the US cannabis industry. We'll break down what the ballot initiatives mean for cannabis companies, consumers, and the future of cannabis policy in the US at 3:00 PM EDT on Tuesday. You can sign up here if you're a Business Insider subscriber.

The ultimate guide to marijuana legalization: Here are all the states that passed cannabis reform, the key dates to know, and which stocks could benefit the most.

Marijuana is legal for adults in 15 states and Washington, DC. Medical marijuana is legal in 36. Here's the map:

All the states where marijuana is legal — and 5 more that just voted to legalize it

All the states that passed cannabis initiatives

How to invest in the industry

Cannabis stocks soared after Sen. Kamala Harris said at the vice-presidential debate that a Biden administration would decriminalize marijuana at the federal level. Curaleaf, Harvest Health and Recreation, and Aphria were among the top gainers, though the entire sector seems to have been energized by Harris' statement.


Wall Street analysts say a Democratic sweep in November that puts presidential nominee Joe Biden in the White House and the party in control of the Senate could be a boon for cannabis stocks. On Friday, Decision Desk HQ projected that Biden will win the presidency, but it's still not clear which party will control the Senate.

Analysts at CIBC and Cowen picked seven stocks to bet on that would benefit investors if the Democrats win, including Green Thumb Industries, Curaleaf, and Canopy Growth.

7 top cannabis execs break down what marijuana's election sweep means for their companies and the industry's future in the US

We spoke with top executives at seven cannabis companies, including Curaleaf and Green Thumb Industries, about what the sweep of cannabis reforms this week means for the industry and consumers.

They say the wave of legalization sends a strong signal to the federal government that cannabis is here to stay. They also expect consolidation as cannabis companies scramble for control of the expanding map.

Top Wall Street analysts say these are the 7 cannabis stocks to bet on now that will benefit investors if Biden defeats Trump in November

Cowen analyst Vivien Azer said prior to the elections that if New Jersey voters chose to legalize the drug, it could push neighboring states like New York, Pennsylvania, Connecticut, and Rhode Island to do the same. That would mean huge wins for the cannabis giants Curaleaf, Green Thumb Industries, Acreage Holdings, Cresco Labs, and MedMen.


Curaleaf, which has operations in three of the four states Azer predicted would follow New Jersey's lead, stands to benefit the most.

Here are the top 5 cannabis stocks to buy now to profit from a $6 billion wave of cannabis legalization across the Northeast, according to a top Wall Street analyst

The bigger populations in Arizona and New Jersey "represent a far greater revenue opportunity" for the cannabis firms Curaleaf, GTI, Acreage Holdings, and Cresco Labs, which are all well-positioned to benefit from legalization, Azer said.

Adult-use marijuana is on the ballot in 4 states, and a top Wall Street analyst lays out which cannabis stocks could get the biggest boost from legalization

What it all means for executives, investors, consumers, and voters

We spoke to top execs at 7 of the biggest US cannabis companies, and they said the industry is headed for a rebound, M&A is set to ramp up, and a Democratic win in November could be 'jet fuel' for the sector

US cannabis companies posted strong earnings as the coronavirus pandemic boosted sales in the second quarter. In September, we spoke with executives at seven of the biggest US cannabis companies to understand what was in store for the industry after a disappointing 2019 and a challenging start to 2020.

At the time, they predicted that a Biden win — and Democratic control of the Senate — would pour "jet fuel" on the industry.

3 cannabis execs share how they're positioning their firms to profit as more US states are poised to legalize recreational marijuana

Prior to the elections, we talked to CEOs at three cannabis companies who shared how they planned to profit amid the cannabis market's expected growth in the coming years.


Companies like Miss Grass and Frigg, which are focused on building up consumer brands, say that as more states legalize cannabis, building up a national brand will be key to winning a major stake in the market.

This article has been updated with election results.