Despite all the uncertainty surrounding the U.S. election, there’s a clear victor already: domestic cannabis companies.

Leaders across the industry cheered after marijuana measures passed in all five states that had them on the ballot Tuesday -- even in deeply red parts of the country. The results buoyed the biggest U.S.-based players in the market.

“Cannabis won, and won big,” said Boris Jordan, chairman of Curaleaf Holdings Inc., one of the largest cannabis companies. “It’s a green landslide.”

Canopy Growth Corp. reported better-than-expected second-quarter results on Monday as the pot giant benefited from a sharp increase in recreational cannabis sales in Canada, despite a rise in operating expenses. 

The Smiths Falls, Ont.-based company said it made $135.5 million in its second quarter, an increase of 77 per cent from the same period a year earlier. Canopy also posted an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of $85.7 million, an improvement of 43 per cent from last year. 

Analysts polled by Bloomberg expected Canopy to report $119 million in revenue and an adjusted EBITDA loss of $88.9 million.

Shares of major Canadian cannabis companies traded in negative territory on Wednesday amid election results showing an uncertain pathway for the U.S. to legalize cannabis federally despite a "green wave" of state-led ballot initiatives that legalized marijuana in five U.S. states. 

While votes are still being counted the day after the U.S. election, voters in Arizona, New Jersey, South Dakota, Mississippi and Montana all gave the green light to legalizing cannabis for either medical or recreational purposes. 

Canopy Growth (WEED.TO)(CGC) has launched CBD-based drinks aimed at pushing beverage-based pot beyond occasions where it’s socially appropriate to get high. While the Canadian pot giant continues to expand its infused drinks lineup at home, challenges lay ahead as the company looks toward the American market.

Are These Canadian Pot Stocks Worth Watching

Dreaming of a green Christmas?

About one-third — or 32% — of pot users would consider giving weed as a holiday gift, according to a Canada-wide poll done on behave of P.E.I.-based cannabis brand FIGR.

“It does seem fairly high to be honest with you, which is an optimistic sign for the industry and how far we’ve come in these two years,” said Andrew Quinlan, FIGR’s senior brand manager.

“And that’s coming from the new realities of life, it’s coming from two years of legalization. It does seem like cannabis is slowly but surely progressively getting more normalized.”

Workers in Canada who have toked up recently don’t appear to have faced any greater risk of a workplace injury than those who abstained, according to a new study out this week, suggesting that cannabis use isn’t necessarily linked to sloppiness on the job.

Investors pinning hopes on cannabis-infused drinks to propel growth of the legal marijuana industry may have to wait a bit longer, as companies struggle to produce and distribute the highly-sought beverages in a profitable way.

Nearly eleven months after regulators allowed their sales, very few brands have been able to reach shelves.

Canada at the start of this year allowed sales of so-called Cannabis 2.0 products, which include edibles, vapes and drinks. The products have been a big hit with customers during coronavirus-induced lockdowns, but producers have struggled to maintain timelines for the launch of the THC beverages.

Ontario’s MediPharm Labs Corp. has launched a new line of THC-free, 99 per cent pure CBD crystalline isolate to be sold under the LABS Cannabis banner.

According to a press release, it’s the first product of its kind in Canada.