Marijuana Legalization Gains Ground. Don’t Hold Your Breath for the Stocks.

Maryland voters approved the recreational sale of cannabis tonight. But investors betting on the news shouldn’t expect a surge for pot stocks on Wednesday morning.

Voters in four other states—Arkansas, Missouri, North Dakota, and South Dakota—had cannabis legalization referendums on their ballots. As of 1 a.m. Eastern, Arkansas and North Dakota rejected legalization, while Missouri and South Dakota’s results were too early to call.

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