Jack in the Box named fast-food restaurant that could benefit most from legal marijuana
Next time Harold and Kumar get hungry, they should go to Jack in the Box.
The burger-slinging fast-food joint is poised to benefit the most if ballot initiatives to legalize recreational cannabis use pass in November, according to a report by analysts at Cowen and Co.
There could potentially be five additional states with legal marijuana laws after the November election: Arizona, California, Massachusetts, Maine and Nevada. California, which some cannabis advocates say is the most important state to win, is home base for Jack in the Box Inc. JACK, +1.41% The chain operates the majority of its restaurants on the West Coast and in states either deciding whether to legalize marijuana or those that already have, such as Oregon and Washington.
California has an 80% probability of legalizing recreational marijuana, according to Cowen’s report.
“We believe quick-service restaurants are poised to benefit from increased spending on...
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