Cramer: Election Day had ‘market-moving implications’ for hashish, sports betting and gig economy

Canopy Growth

Tom Franck | CNBC

CNBC’s Jim Cramer on Wednesday broke down how poll initiatives in a number of states throughout the nation might have an effect on the inventory market.

The hashish, sports betting and ride-sharing corporations caught a lift on Election Day after voters authorized new proposals that may develop markets or put in place laws favorable to companies, the “Mad Money” host stated.

“This was a great night for those three industries with market-moving implications,” he stated.

Pot proposals

Placing bets

Proposition 22

Voters in California backed ride-hailing corporations Uber and Lyft in exempting the tech corporations from adhering to a labor regulation that may have pressured drivers to be categorised as workers, not unbiased contractors.

Proposition 22 protects the 2 from having to supply advantages to drivers that may be granted to workers, nevertheless it does supply a compromise by entitling drivers to new advantages like minimal earnings and automobile insurance coverage. Uber and Lyft spent over $200 million on the poll measure to maintain their drivers categorised as unbiased contractors

Gig corporations in Silicon Valley mustered up hundreds of thousands of {dollars} to foyer for the measure, and it paid off. Shares of Lyft and Uber shot up double digits Wednesday.

“I think the overwhelming success of Proposition 22 is a warning shot against state and local governments that try to crack down on ride-sharing,” Cramer stated. “If politicians want to come for Uber and Lyft, this referendum says that might not be the wisest move politically.”

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