Cannabis legalization is projected to cost conventional pharmaceutical companies billions of dollars in reduced drug sales and stock market value, according to a new study by researchers affiliated with California Polytechnic State University and The University of New Mexico.
The researchers studied how the stock market returns of publicly traded pharmaceutical firms responded to laws legalizing medical and recreational cannabis over a 25-year period between 1996 and 2019. They found that stock market returns were 1.5% to 2% lower 10 days after a cannabis legalization event and that the implications of the reduction were in the billions of dollars. Returns
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