Arkansas adult-use cannabis voter referendum cleared for Nov. 8 ballot, but Oklahoma measure is weeded out

Voters in Arkansas will cast ballots in a statewide referendum on Nov. 8 on whether to allow adult-use cannabis sales, while a separate adult-use referendum planned for Oklahoma has fizzled, Benchmark analyst Mick Hickey noted Monday in his weekly cannabis chronicles. Last week, the Arkansas Supreme Court OK’d a request by Responsible Growth Arkansas to certify petition signatures to qualify the referendum to allow cannabis sales to people over 21, after the Board of Election Commissioners failed to approve the signatures. Arkansas has had a medical program since 2016 after voters OK’d a constitutional amendment. Meanwhile, Oklahoma’s State Supreme Court blocked a request by advocates of State Question 820 to require the Oklahoma Election Board to include the adult-use measure on the ballot. The AdvisorShares Pure US Cannabis ETF MSOS, +1.38% is up 2.2% on Monday, but it’s lost 62.4% of its value in 2022, compared to a 29.6% drop by the Nasdaq COMP, +0.91%.