Tilray, cannabis stocks spike after anti-pot Attorney General Jeff Sessions resigns

The latest figure marks the third consecutive year that support on the measure has increased and the highest approval rating to date. The official vote total is 2,285,364 in favor of legalizing recreational marijuana in MI.

MI voters approved a measure permitting people over age 21 to smoke pot recreationally.

Cannabis stocks reached new highs in pre-market trading Wednesday morning after voters in MI legalized the recreational use of marijuana.

In Missouri, voters passed one of three unrelated medical marijuana measures that made it onto the ballot. MI just joined nine other states, the District of Columbia, and Canada in legalizing recreational marijuana.

Nevada voted to exempt feminine hygiene products from state and local sales taxes.

One example of a possible timeline for MI comes from Colorado: Voters approved recreational marijuana in November 2012, but it didn't officially become legal to sell until 2014. The majority voted in favor of legalization either medicinal or adult-use of marijuana, which signals state officials that they should proceed with the necessary reforms.

Weed stocks were gaining ground early Wednesday after MI became the 10th U.S. state to legalize marijuana for recreational use.

MI is one of only two states, the other being Alaska, where households are allowed to grow 12 marijuana plants.

Senator Elizabeth Warren, who is widely expected to run for the Democratic presidential nomination in 2020, introduced a bipartisan bill in August that would amend the Controlled Substances Act to allow cannabis companies in states where marijuana is legal to open accounts at federally regulated financial institutions and remain exempt from federal persecution.

"Now that more than 30 states have enacted comprehensive medical marijuana laws, it is time for Congress to step up and address the issue at the federal level".

"Investors believed cannabis stocks were over-valued ahead of legalization, and then the stocks rocketed upward as legalization neared and took effect".

In Alabama, an amendment to the state's constitution will formally "recognize and support the sanctity of unborn life and rights of children, including the right to life" The Republican-backed Amendment 2 does not specifically outlaw or restrict abortion in Alabama. Amendment two passed. That allows doctors to prescribe medical cannabis to patients. Sessions was defeated by Democrat Colin Allred, a medical marijuana supporter who has criticized Sessions' anti-pot prejudices.

Vanessa Coleman