After New Jersey voters agreed to legalize marijuana within its borders last week, it’s only a matter of time before neighboring states do the same. GrowGeneration CEO Darren Lampert told CNBC’s Jim Cramer on Friday.
“We believe the rest of the east coast will follow suit [and] legalize it very soon, “he said in a Mad Money interview, calling the moment a” paradigm shift “.
New Jersey wasn’t the only one on election day to approve measures to open the recreational marijuana market within its borders. Arizona, Montana and South Dakota also passed proposals to end the ban. The state of Mississippi has also decided to legalize the facility for medical purposes.
GrowGeneration, which supplies tools for gardening, expects to capitalize on the growing weed industry. Lampert said the Denver, Colorado-based company had settled in the state of Arizona ahead of the elections in hopes of capitalizing on the potential $ 2 billion market there. The company sells tools for growing marijuana.
“The election was a huge win for the cannabis industry and GrowGeneration,” he said. “It’s invigorating to see cannabis initiatives happening in five states. The green momentum.”
The company has its eye on the East Coast in particular, hoping that the death of marijuana in New Jersey will cause the dominoes to fall in surrounding states, spurring further efforts to legalize cannabis at least at the state level.
The Garden State is the first in the Mid Atlantic to legalize marijuana and plans to tax its sales at 6.625%. Local governments will also have the right to impose additional fees.
While New York tried to legalize marijuana through lawmakers, those efforts have failed. It would have been only the second state after Illinois to legalize cannabis this way.
Meanwhile, New York Governor Andrew Cuomo has said he is in favor of legalization, and electoral support in Pennsylvania has increased.
Lampert said he also expects legalization in Connecticut and Rhode Island to be in preparation.
“Jersey is another exciting market [the] Gateway to the Northeast, “he said, adding that the company is tracking down locations to shoot in the state in the spring.” We believe the rest of the east coast will follow suit very soon to legalize. “
GrowGeneration stock gained 5% on Friday to hit a new closing high of $ 25.52. The stock is up nearly 40% since the November 3rd election.