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Canopy CEO Offers Post Election Update: Industry Saw 'Momentum'

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Canopy CEO Offers Post Election Update: Industry Saw 'Momentum'

One of the main takeaways for the legalized cannabis industry from the U.S. Presidential election was signs of new "momentum," Canopy Growth Corp (NYSE: CGC) CEO David Klein said Wednesday on CNBC's "Mad Money."

Progress In 'Conservative' States: Many American voters also voted on Tuesday to legalize recreational cannabis in four states, at least one of which is a "traditionally conservative" state, Klein said. The four states that legalized cannabis for recreational use include Arizona, New Jersey, South Dakota, Montana while Mississippi approved cannabis for medical use.

Related Link: Cannabis Reform Wins Big On Election Day, Bodes Well For Weed Industry

What could follow is a favorable shift in sentiment at the Senate level.

"We think that momentum will carry us to federal permissibility in the not too distant future," the CEO said.

Importance Of New Jersey: Legalization of recreational cannabis in New Jersey may stand out as having significance beyond its state borders, the CEO said. Specifically, New York and Pennsylvania lawmakers wouldn't want their residents going over state borders and "putting dollars into the tax coffers of New Jersey."

"So the more states that pass some form of permissibility, I think it just really builds on that momentum which will ultimately result in full federal permissibility," Klein said.

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