MSOS - Recreational marijuana measure fails in Oklahoma

2023-03-08 10:54:45 ET

• By a 62% to 38% margin, voters in Oklahoma have rejected a ballot initiative that would have legalized adult-use marijuana in the state.
• The initiative would have allowed adults 21 and over the right to possess marijuana for recreational use. It would have also permitted the state to tax sales of recreational cannabis with an excise tax of 15%.
• Oklahoma allows marijuana use and possession for medicinal purposes only.
• A study on the economic impact of the measure that came out in February found that legalizing marijuana for adult use would add $434M to state coffers from 2024-2028. In the same period, Oklahoma would record ~$1.84B in adult-use sales.
• Multi-state operators: Cresco Labs ( OTCQX:CRLBF ); Columbia Care ( OTCQX:CCHWF ); Trulieve Cannabis ( OTCQX:TCNNF ); Green Thumb Industries ( OTCQX:GTBIF ); Curaleaf Holdings ( OTCPK:CURLF ); MedMen Enterprises ( OTCQB:MMNFF ); Acreage Holdings ( OTCQX:ACRHF ); Ayr Wellness ( OTCQX:AYRWF ); Verano Holdings ( OTCQX:VRNOF ); and Jushi Holdings ( OTCQX:JUSHF ).
• Cannabis ETFs: AdvisorShares Pure Cannabis ETF ( YOLO ), Amplify Seymour Cannabis ETF ( CNBS ), ETFMG Alternative Harvest ETF ( NYSEARCA: MJ ), AdvisorShares Pure US Cannabis ETF ( MSOS ), and Global X Cannabis ETF ( POTX ).
• On Tuesday, recreational marijuana bills passed in the Delaware House and Hawaii Senate .

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