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An election worker sorts submitted ballots. Photo: Nathan Howard/Getty Images

Voters approved legalizing recreational marijuana use in several states, and Oregon decriminalized the possession of street drugs.

The big picture: New Jersey, Arizona, Montana and South Dakota will join the 11 states and D.C. that have already legalized cannabis for adult recreational use.

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.

  • Oregon legalized psychedelic mushrooms, and they were decriminalized in D.C.
  • Mississippi legalized marijuana for medical use, joining 33 states.

In addition, Oregon voters on Tuesday passed a measure to decriminalize the possession of street drugs and will no longer arrest or sentence those carrying small amounts of drugs like cocaine, heroin, oxycodone and methamphetamine.

  • The ballot Measure 110 will also direct millions of dollars in tax revenue for addiction treatment facilities and a state-supervised fund that will pay for drug programs, treatment and housing.

Go deeper

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Dan Primack, author of Pro Rata
7 mins ago - Economy & Business

Coinbase files to go public

Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a direct listing.

Why it matters: This comes in the midst of a crypto boom, and the listing may further legitimize the industry.

Trump’s blunt weapon: State GOP leaders

Trump supporters rally near Mar-a-Lago on Feb. 15. Photo: Joe Raedle/Getty Images

President Trump didn't have to punish his critics in Congress — his allies back in the states instantly and eagerly did the dirty work.

Why it matters: Virtually every Republican who supported impeachment was censured back home, or threatened with a primary challenge.