Stock prices in several cannabis companies were up significantly Tuesday morning as voters headed to the polls with legal marijuana on the ballot in four states. The legalization of recreational marijuana is being decided in Michigan and North Dakota, and voters in Utah and Missouri will be asked to approve the medicinal use of cannabis.

Analysts Predict Success

Currently, 31 states, the District of Columbia, Guam, and Puerto Rico have medical or recreational cannabis legalization statutes on the books. On Monday, CB1 Capital Management founding partner Todd Harrison said that he believed that Tuesday’s election results would illustrate the increased acceptance of cannabis among voters in the United States.

“We think what we’ll see tomorrow is going to speak volumes about the American appetite for getting their hands on God’s medicine. We think Michigan in particular will tell a broader tale in terms of what it could portend for U.S. legislation,” said Harrison.

Canaccord analyst Bobby Burleson said in a research note that this year’s election will continue the trend of support for legal cannabis in the United States.

“We believe this year’s midterms will reinforce the notion that cannabis in the U.S. has (passed) the tipping point on its way to eventual full legal status,”

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