You’re reading a copy of this week’s edition of the New Cannabis Ventures weekly newsletter, which we have been publishing since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve as well as links to the week’s most important news.
We have devoted several of our newsletters to discussing how important the upcoming elections are for the industry with respect to both several state legalizations as well as what might happen should the Senate change control. Today, we want to discuss the 2016 elections, their impact on the market at the time and how today’s set-up is quite different than four years ago.
In 2016, five states had ballot initiatives for adult-use legalization, and there were several medical initiatives as well. The most exciting adult-use initiatives were in the country’s largest state by population, California, and in what would be a significant legalization on the East Coast, Massachusetts. Maine was another eastern state voting, while Arizona and Nevada were the other western states. At the time, voters had previously approved legalization in Alaska, Colorado, Oregon and Washington., so this was an opportunity to double the number of states that had legalized. Medical cannabis initiatives were on the ballot in Florida, which had just missed the super-majority threshold of 60% for approval two years earlier, along with Arkansas and North Dakota. Of course, only Arizona ultimately failed to win voter approval.
Many readers may recall the excitement in the market ahead of the elections in 2016. From August 31st to November 2nd, just ahead of the election on November 8th, the New Cannabis Ventures Global Cannabis Stock Index rocketed higher by more than 162%: