Marijuana Stocks: The U.S. Just Got One Step Closer to Legal Pot Nationwide
Legal Pot in the U.S.
US Legal Pot Nationwide The fight over legal pot in the U.S. is one that is being held on multiple fronts. From states legalizing marijuana both for recreational and medicinal use to a push for nationwide legislation, the political weed games being played are going to have a huge impact on the future of marijuana stocks and the marijuana stock market. But today, that future has never looked brighter.
Which is why today, when a U.S. senator proposed a bill that would legalize the drug nationally while also incentivizing the states to legalize as well, that’s big move forward for the marijuana industry.
You see, the thing about the marijuana market is that it’s currently shut out from some of the largest consumer bases in the world, including the U.S. While progress is being made with countries like Canada on the path to national legalization, that still only brings in a very small percentage of potential customers, limiting revenue and slowing growth.
Marijuana Stocks and the Future of Legal Weed
The moment the wind starts blowing towards full-blown legalization in the U.S., expect a huge boost to the marijuana stock market. While the majority of Americans support legal pot—a CBS News poll has the number as high as 61%—there has been little to no action towards such an outcome on the national level.
Senator Bernie Sanders (I-VT) proposed a rescheduling of marijuana in 2015, but since then, progress has been slow on the national level. That is, until Senator Corey Booker (D-NJ) proposed a bill that would not only legalize the drug, but actively incentivize the legalization of marijuana on the state level while also punishing states with the most draconian drug laws.
While the bill has absolutely no chance of passing, this is still very much a big deal and important to the marijuana stock market as a whole.
With the American people coming out strongly in favor of recreational marijuana being legalized, alongside success stories in states that have not only transitioned into legal pot but also reaped huge tax benefits as a result, moves like these are going to be the precursors towards eventual legalization, which I believe to be on the horizon for the U.S.
US Legal Pot Nationwide
Whether that horizon is two years away or ten years, that remains to be seen.
What’s Next for Marijuana Stocks?
Besides the bill being put forward by Sen. Booker, there’s quite a bit of other news happening in the White House that could push marijuana stocks towards gains.
The biggest development has to do with Attorney General Jeff Sessions, who has been taking flak from President Donald Trump for his actions regarding the Russian collusion investigation.
If Sessions is ousted (not exactly a rarity in this administration), then his replacement could very well be more positive on marijuana, which would ease the way towards more friendly dealings from the federal government, or at least a return to the laissez-faire attitude of the Obama White House.