New Jersey reportedly cancels marijuana legalization vote for lack of support; cannabis ETF pares gains

New Jersey has cancelled a vote on marijuana legalization, after lawmakers were unable to secure the votes needed for legalization to pass, according to a report on Patch.com. Senate President Stephen Sweeney was quoted in the report saying he was “disappointed” that the vote was cancelled, but said there was “substantial progress” made on a plan and that new legislation could be reintroduced after the November elections or as a public referendum. The ETFMG Alternative Harvest ETF rose 0.8% in afternoon trade, paring earlier gains of as much as 1.8%. The ETF has run up 57% over the past three months, while the S&P 500 has gained 19%.

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