Cramer Talks Pot Stocks After 'Yes' Votes In Michigan, Utah, Missouri

Cannabis stocks were trading mostly higher Wednesday after voters in Michigan OK'ed recreational marijuana, while medical marijuana measures were approved in Utah and Missouri. Investors who take this as a positive signal for every publicly traded cannabis stock may want to reconsider, said CNBC's Jim Cramer. 

What Happened

The legalization of recreational cannabis in states like Michigan bodes well for Canopy Growth Corp CGC, as it is "ready" today to satisfy future demand, Cramer said on "Squawk on the Street" Wednesday.

Canopy, through its partnership with Constellation Brands, Inc. STZ will be able to offer consumers cannabis infused beverages at both "laid-back bars" and "bars where you can hit it pretty hard," Cramer said. 

"When you see these [election results] you literally get more and more and demand," the CNBC host said. "And I think Constellation is the way to play it and secondly Canopy."

Why It's Important

Despite Tuesday's election results showing state-by-state liberalization of marijuana laws, many industry titans remain quiet on the cannabis front due to concerns of a public "backlash," Cramer said.

Companies like PepsiCo, Inc. PEP need to take advantage of the progress, as the combination of Doritos and a THC are "made for each other," he said. 

What's Next

Commercially available cannabis for recreational use in Michigan won't be hit the streets until early 2020, the Detroit Free Press reported. 

Related Links:

Marijuana & The Midterms: What's Going On? Why Does It Matter?

Fresh Perspectives On Cannabis Arising From The Pacific Rim

Screenshot courtesy of CNBC.