How businesses scored on the ballot

The weed and ridesharing industries took home some Ws.

November 5, 2020

While the presidential election has probably occupied most of your headspace over the last 48 hours, voters also had their say on a slew of state laws and amendments.

In total, 124 state initiatives were up for grabs on Tuesday. Here were some of the most important that intersected businesses.

Weed won the day

Somewhere, Jeff Spicoli is smiling.

New Jersey, Arizona, Montana, and South Dakota all voted to legalize the recreational sale of marijuana to those 21 and older. Mississippi also gave the green light to medical marijuana.

Oregon voters took things a step further, allowing licensed service providers to administer psilocybin mushrooms. The use of ‘shrooms as a treatment for anxiety, PTSD, and depression has drawn a lot of interest from the scientific community.

Oregon took steps to combat a worsening opioid epidemic, becoming the first state to decriminalize possession of hard drugs.

Rideshare companies score a win

If you’ve been anywhere in the state of California in the last 6 months, you’ve probably heard of Prop-22 — a debate over whether ridesharing and delivery companies can treat drivers as contractors and not employees.

Voters sided with Uber and Lyft — a big win for both companies, which saw their stocks climb ~15% and 11%, respectively.

In Florida, a new law will see the minimum wage rise from $8.56/hr in 2020, to $10 in 2021, and increase $1 every year until 2026, topping at $15.

Check out related coverage:

  • Shroom IPOs
  • The challenges of Uber driving in a pandemic

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