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Illustration: Aïda Amer/Axios

Voters in Arizona, Montana, New Jersey and South Dakota will decide whether to legalize and tax recreational marijuana in November, while Mississippi residents will get to consider legalizing cannabis for medical purposes, according to CNBC and CNN.

Why it matters: Legalization in additional states could be a big opportunity for the marijuana industry, and new tax revenue from potential sales could help states and cities balance budgets hit hard from the coronavirus pandemic.

  • Opponents argue the potential long-term effects of marijuana use outweigh any revenue-making benefits.

The big picture: So far, 33 states have legalized medical cannabis use, including 11 that have legalized cannabis for adult recreational use, per CNN.

Go deeper

Dion Rabouin, author of Markets
Nov 5, 2020 - Economy & Business

Big name cannabis stocks sink after more states legalize

Illustration: Sarah Grillo/Axios

The largest cannabis stocks saw their share prices drop significantly on Wednesday, after more states legalized recreational and medical marijuana use and Biden, who has vowed to decriminalize marijuana if elected, moved closer to being declared the winner of the U.S. presidential election.

Driving the news: Arizona, Montana, New Jersey and South Dakota voted to legalize marijuana on Tuesday, joining 11 other states and Washington, D.C.

Dan Primack, author of Pro Rata
Nov 5, 2020 - Economy & Business

Cannabis company makes first-ever purchase of a beer brewer

Photo illustration: Rafael Henrique/SOPA Images/LightRocket via Getty

Aphria (TSX: APHA), a Canadian cannabis company, has agreed to buy Atlanta-based craft brewer SweetWater Brewing Co. for $300 million. Sellers include TSG Consumer Partners.

Why it's the BFD: This is the first time a marijuana company has bought a brewer, rather than the other way around. It also comes the same week that five more states legalized cannabis in some form, meaning that legalization will now cover around one-third of the U.S. adult population.

29 mins ago - World

Brazil senators vote to recommend criminal charges for Bolsonaro

Brazilian senators vote on probe into President Bolsonaro's handling of pandemic. Photo: Gustavo Minas/Bloomberg via Getty Images

A Brazilian Senate committee Tuesday voted to approve a report recommending President Jair Bolsonaro be charged with a raft of criminal indictments, including crimes against humanity over his response to the COVID-19 pandemic, per AP.

Why it matters: Bolsonaro has become the face of a right-wing approach to the pandemic that includes repudiating vaccines and masks and resisting lockdowns and other mitigation measures. The Senate report holds him personally responsible for half of the country's 600,000 deaths.

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