Three U.S. states are on track to loosen laws governing the use of recreational and medicinal marijuana as the world's largest economy continues to increasingly liberalize cannabis usage.

As of early Wednesday, with 93 per cent of polls reporting, Michigan residents voted in favour of legalizing recreational cannabis for anyone 21 years old or older in the state, with 55.9 per cent of voters approving the ballot measure while 44.1 per cent voted against it.

Michigan would be the first U.S. Midwest state to allow its residents to purchase and consumer cannabis legally. Michigan will also levy a tax on the sale of recreation cannabis.

Meanwhile, a similar measure in North Dakota is poised for defeat. Nearly 60 per cent voters in the state voted against the legalization of recreational marijuana use for those 21 and older.

Voters in Missouri and Utah both approved ballot measures to allow the sale of medical marijuana, meaning cannabis for medicinal purposes is now available to half of the country.

Missouri voters opted to approve the sale of medical marijuana with a 4 per cent tax on cannabis sales with the revenue dedicated to health care services for U.S. veterans.

Utah voters also chose to legalize medical use of marijuana for people with qualifying illnesses, with about 53 per cent in favour and 76 per cent of the state's polls reporting.

With the Democrats securing the House of Representatives as well as the newly-legal states embracing cannabis, U.S.-focused pot stocks are likely to see a short-term surge, according to a Bloomberg report.

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.