Heading into Election Day, the ETFMG Alternative Harvest ETF (NYSEArca: MJ) was up more than 14% over the past week. Some of those gains could be attributed to anticipation of increased cannabis legalization in the U.S.

Today, four states are considering various ballot initiatives to legalize marijuana for medicinal or recreational use. The outcome of votes in Michigan and North Dakota could be important for MJ’s near-term fortunes because those states are considering legalization of recreational cannabis.

“With the prospect of legal cannabis facing voters from Michigan to Missouri, advocates on both sides of the discussion are watching a number of ballot initiatives Tuesday, including full recreational use in two states,” reports CNBC.

MJ seeks to provide investment results correspond generally to the total return performance of the Prime Alternative Harvest Index, which is concentrated in the pharmaceuticals and tobacco industries.

Missouri and Utah are considering ballot measures that would legalize medical marijuana. Utah’s governor could craft a medical marijuana policy for the state regardless of the outcome of Tuesday’s vote.

Election Preview

“All of the ballot initiatives ‘have a very good chance of passing,’ said Erik Altieri of the National Organization for the Reform of Marijuana Laws, a Washington, D.C.-based non-profit that’s long pushed for an end to the national prohibition against marijuana,” reports CNBC.