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Pot stocks get smoked despite latest marijuana legalization on election day

  • Voters in New Jersey, Arizona, Montana and South Dakota have voted to legalize recreational marijuana, meaning 1 in 3 Americans now live in a state where adult pot use is legal.
  • South Dakota and Mississippi voters also approved measures to legalize medical marijuana.
  • Despite the news, a big pullback is hitting the sector, with the exception of HEXO (HEXO +7.8%): Premarket: Canopy Growth (CGC -8.1%), Aurora Cannabis (ACB -8.7%), Tilray (TLRY -7.1%), Cronos (CRON -8.3%), Aphria (APHA -1.8%), ETFMG Alternative Harvest ET (MJ -6.5%).
  • More drug-related initiatives were also decided across the nation, with Oregon becoming the first in the nation to decriminalize possession of hard drugs, while D.C. voters approved a measure that will effectively decriminalize "magic mushrooms" and other organic psychedelics (Denver, Oakland and Santa Cruz previously passed similar proposals).
  • Companies that have recently began a hunt for potential psychedelic medicines include Aion Therapeutic (OTCPK:ANTCF), Better Plant Sciences (OTCQB:VEGGF), Champignon Brands (OTCQB:SHRMF), Codebase Ventures (OTCQB:BKLLF), Compass Pathways (NASDAQ:CMPS), Field Trip Health (OTC:FTRPF), Graph Blockchain (OTCPK:REGRF), GreenStar Biosciences (OTCPK:GTSIF), Havn Life Sciences (OTCPK:HAVLF), Hollister Biosciences (OTCPK:HSTRF), Mind Medicine (OTCQB:MMEDF), Thoughtful Brands (OTCQB:PEMTF), Mydecine Innovations Group (OTCPK:MYCOF), New Wave Holdings (OTCPK:TRMNF), Numinus Wellness (OTCPK:LKYSD), Nutritional High International (OTCPK:SPLIF), Red Light Holland (OTC:TRUFF), Revive Therapeutics (OTCPK:RVVTF) and Seelos Therapeutics (NASDAQ:SEEL).

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