Cannabis supplier Crop Infrastructure Corp (CSE:CROP, OTCMKTS:CRXPF) thanked Utah, Michigan and Missouri on Thursday for voting to legalize marijuana in the midterm US elections.
Michigan became the 10th state to approve recreational use of marijuana while Missouri and Utah voted in favor allowing its medical use. North Dakota rejected allowing recreational pot, and marijuana remains illegal at the federal level.
"With more and more states legalizing medical and recreational cannabis, Crop is positioned to substantially expand operations and work with new local partners that require funding and operational expertise,” CEO Michael Yorke said in a statement.
Yorke added that Tuesday’s ballot initiatives increase the likelihood of cannabis becoming legal in the United States. Challenges on the federal level remain, however.
Last June, a vote by the Senate Appropriations Committee blocked legislation that would have allowed U.S. banks to work with cannabis companies.
“Momentum is gaining for change in Congress to allow states to determine their own marijuana policies,” Morgan Fox, media relations director at the National Cannabis Industry Association, said in a statement. “Two-thirds of the country want marijuana to be legal, and politicians are ignoring that at their peril.”
Shares of Crop slipped $0.01 to $0.38 in Thursday’s trading on the Canadian Securities Exchange.
Contact Dennis Fitzgerald at [email protected]