After New Jersey voters agreed to legalize marijuana inside its borders final week, it is solely a matter of time earlier than neighboring states d
After New Jersey voters agreed to legalize marijuana inside its borders final week, it is solely a matter of time earlier than neighboring states do the identical, GrowGeneration CEO Darren Lampert advised CNBC’s Jim Cramer Friday.
“We imagine the remainder of the East Coast will comply with go well with [and] legalize very quickly,” he stated in a “Mad Cash” interview, calling the second a “paradigm shift.”
New Jersey was not alone in approving measures on Election Day meant to open up the leisure marijuana market inside their boundaries. Arizona, Montana and South Dakota additionally handed proposals to finish prohibition. The state of Mississippi additionally moved to legalize the plant for medical functions.
GrowGeneration, which provides instruments for gardening, expects to learn from the increasing weed business. Lampert stated the Denver, Colorado-based firm arrange shot within the state of Arizona earlier than the election in hopes of capitalizing on the potential $2 billion market there. The corporate sells instruments used within the cultivation of marijuana.
“The election was a giant victory for the hashish business and GrowGeneration,” he stated. “It is invigorating to see hashish initiatives go in 5 states. The inexperienced sweep.”
The corporate particularly has its eyes set on the East Coast and hopes the passing of marijuana in New Jersey will trigger the dominos to fall in surrounding states, resulting in extra efforts to legalize hashish a minimum of on the state degree.
The Backyard State is the primary within the mid-Atlantic area to legalize marijuana and plans to tax gross sales at 6.625%. Native governments may even have rights to tack on extra charges.
Whereas New York has tried to legalize marijuana by way of the state legislature, these efforts have failed. It could have been simply the second state after Illinois to legalize hashish by way of that route.
In the meantime, New York Gov. Andrew Cuomo has stated he’s in favor of legalization and in Pennsylvania, help amongst voters has grown.
Lampert stated he additionally expects legalization is within the pipeline in Connecticut and Rhode Island.
“Jersey is one other thrilling market, [the] gateway to the North East,” he stated, including that the corporate is scouting places to open up shot within the state within the spring. “We imagine the remainder of the East Coast will comply with go well with legalize very quickly.”
GrowGeneration shares rallied 5% on Friday to a brand new closing excessive of $25.52. The inventory has surged virtually 40% greater because the Nov. three election.