Cannabis
A worker checks cannabis plants inside the Tilray factory hothouse in Cantanhede, Portugal April 24, 2019.
REUTERS/Rafael Marchante

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Happy Friday, readers,

It’s hard to put into words what living through the past few days feels like, no matter where you may land on the political spectrum. So we’ll just say it: What a week. 

Let’s start with the obvious. Cannabis swept the election on Tuesday. Voters passed marijuana legalization in all five states where it was on the ballot on Tuesday, bringing recreational marijuana to New Jersey, South Dakota, Montana, and Arizona — as well as medical cannabis to Mississippi. We’re already starting to see M&A activity around these new markets (see below).

We were up on Twitter into the early hours of the morning live-tweeting as the results trickled in. The following morning, we were up bright and early tracking down some of the top executives in the cannabis industry to ask them what the sweep meant for their respective companies and the industry's future in the US. You can read their insights here

Joe Biden is the presumptive president-elect, though it will be some time before the results of this crazy pandemic election are certified. Here's our report on what a Biden Administration means for the cannabis industry.

When it became clear that Biden would likely be the 46th president, cannabis stocks soared — Aurora Cannabis shot up 94% this morning, as reported by our markets team. 

Drug policy reform won the election as well: Oregon decriminalized the use and possession of all drugs and legalized psilocybin for therapeutic uses. Washington DC decriminalized the use of psychedelics. 

We've meticulously covered what this election means for marijuana legalization — and drug policy reform — across the US, for the industry, for policymakers, for consumers, and for the broader social changes that will result. You can read all of our coverage here

And last, we'll be hosting a live event on Tuesday at 3 p.m., answering your questions about what the various cannabis measures mean for you. Sign up for a spot here

- Jeremy & Yeji 

Here's what we wrote about this week:

Here's why a Biden administration will be good for the US cannabis industry, even though it's unlikely he'll legalize marijuana federally

President-elect Joe Biden will be good — but not great — for the cannabis industry, analysts, executives, and other experts say.

Biden supports decriminalizing cannabis, broadening access to medical marijuana, and allowing states to determine their own marijuana policies free of federal interference. However, if Republicans maintain control of the Senate, the US is not likely to federally legalize marijuana.

The ultimate guide to marijuana legalization: Here are all the states that passed cannabis reform, the key dates to know, and which stocks could benefit the most.

Five states voted on cannabis-legalization measures on Tuesday. 

Business Insider put together this comprehensive ballot tracker to explain the various ballot measures, the timelines we should expect for rollout, and which companies are best positioned for the new markets. 

7 top cannabis execs break down what marijuana's election sweep means for their companies and the industry's future in the US

We spoke with top executives at seven cannabis companies, including Curaleaf and Green Thumb Industries, about what this means for the industry and consumers.

They say the wave of legalization sends a strong signal to the federal government that cannabis is here to stay. They also expect consolidation as cannabis companies scramble for control of the expanding map.

A major Canadian cannabis company is paying $300 million to buy a 420-themed craft beer maker and gain a foothold in the US

Canadian cannabis producer Aphria is buying craft beer maker SweetWater Brewing Company in a $300 million cash-and-stock deal.

Aphria CEO Irwin Simon told BI that his ultimate goal is selling THC-infused seltzer in the US, using SweetWater as a branding opportunity at first.

Wall Street analysts pick the top 6 US cannabis stocks to bet on now to profit from a Biden victory and a wave of legalization

Here are the top 6 US cannabis stocks to bet on now to profit from a Biden victory and a wave of legalization, according to analysts.

To sum it up: Cannabis companies with broad exposure to New Jersey, Arizona, and Pennsylvania could be the biggest winners and giants like Curaleaf, Green Thumb Industries, and Harvest Health & Recreation could see the biggest boost in valuation following the election.

Deals, launches, and IPOs

Policy Moves

We covered each state that legalized cannabis, and what it means for the industry. Check out our coverage here:

Chart of the week

The US cannabis market is expected to balloon into a $100 billion industry by 2030, according to the investment bank Cowen. The investment bank revised its expectations upward from $85 billion: 

The US's cannabis market is projected to hit $100 billion in 2030
Sawyer Click/Business Insider

What we're reading 

Illegal marijuana grows still operating on Navajo land, despite court order (Rolling Stone)

Americans have declared the Drug War is over (Business Insider)

Prime Minister Jacinda Ardern explains why she voted for cannabis reform (New Zealand Herald)

As psychedelics enter the mainstream, mining companies look to dig up profits (Psymposia)

Strangers in a foreign land (Searchlight New Mexico)

Read the original article on Business Insider