A recent user survey conducted by Investing.com revealed that state legislation regarding marijuana legalization is driving investor interest in pot stocks.
Looking into 8 million users across the U.S., they found that investors in states that had legalized marijuana showed the a much greater interest in investing in the substance, with Maine, Massachusetts, Michigan, Alaska and California ranking as the top five states for investor interest.
Investing.com’s partner on the survey, SEMrush also found a drastic increase in Google searches for pot socks in each of the aforementioned states following legalization, in excess of 100% in most cases.
In fact, seven of the top 10 states interested in cannabis stocks are states with legal marijuana, while all 10 states where marijuana has been legalized made the top 20.
“It is interesting to note that Illinois, which only publicly announced last month its plan to legalize cannabis by 2020, was not in the top 20,” the article reads.
“The interest in cannabis as an investment sector jumped dramatically in Canada in 2018 as the country prepared for legalization,” said Clement Thibault, analyst at Investing.com. “We are seeing a similar trend across the U.S., with investors witnessing the industry becoming one of the fastest growing sectors of the economy, generating tax revenues, consumer acceptance and interest.”
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