The South Carolina Democratic Debate could be a game-changer for pot stocks. During the most recent debate which aired on February 25th, candidates discussed their opinions on cannabis to a great extent. Bernie Sanders continued to be the most supportive of cannabis legislation, stating that on day one he would legalize marijuana by executive action. Other candidates voiced their opinions too, with most supporting some form of cannabis legislation in the near future. With laws being one of the largest impediments to U.S. marijuana stocks, this new sentiment could be great for the cannabis industry. So what did the candidates discuss in regard to the future of marijuana in this country?
A Battle Between Klobuchar and Sanders
Senator Amy Klobuchar and Sen. Bernie Sanders went head to head during the debate, discussing their opinions on how they would legalize cannabis. After a debate moderator asked Klobuchar whether or not she believed in Sanders’s plan to legalize marijuana on day one, arguments ensued. Sen. Klobuchar seemed to downplay the potential for Sanders being able to legalize cannabis on his first day in office.
To defend Sanders, his proposal for legalizing marijuana during day one may have been extreme, but it does definitely underline the importance of cannabis reform for the candidate. And although Bernie Sanders may not be the best for a capitalistic America, it is hard to fault his stance on marijuana reform. Klobuchar stated in response to the above question that “it is realistic to want to legalize marijuana. I want to do that too. I also think you need to look back at people’s records. You maybe can’t do that on day one, as he said. I think you want a process that you go through.” Again, this highlights Klobuchar’s stance as being quite positive surrounding marijuana as well.
Sanders’ plan is quite clear but the main purpose behind it is not just simply legalizing marijuana. Sanders wants to work on the social aspect of legalizing cannabis as well. He has stated that so after legalizing weed, he would expunge criminal records for non-violent marijuana-related offenses. This would be a major step forward, and one that could help to further shift the public’s opinion surrounding cannabis. All of this seems to be quite good news for the cannabis industry and pot stock investors alike.
The Other Side on Cannabis Reform
The odd one on the debate stage, Mayor Bloomberg, stated that he actually opposed legalizing cannabis. This was predicted though as Bloomberg is quite a heavily leaning conservative-democrat. He has continued to state that he believes cannabis is an addictive drug, just as the government has characterized it during its multi-decade failed War on Drugs.
But, the good news is that Mayor Bloomberg has an extremely slim chance at winning the Presidential election let alone even being the democratic nominee. Bloomberg stated that “the first thing you should do is owe should not make this a criminal thing if you have a small amount. For dealers, yes. But for the average person, no.” Well this does seem positive, it nowhere near aligns with the majority of the publics desire to see cannabis legalized nationwide.
2020 could be a great year for marijuana reform and cannabis stocks overall. All of the democratic nominees support some form of reforming cannabis law, which means that we could see some real change begin to occur next year. For now, it is a waiting game to see what happens in the next few debates and primaries.
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