Will New Jersey And Arizona Take Over The Cannabis Industry?
The cannabis industry is one that is still young and full of opportunity. Currently, the industry is growing at an exponential rate with over half of the United States with some form of cannabis legislation. In 2020 alone 5 new states have gone legal which will create new markets for more money to flow through the industry. Projections over the next 10 years the global cannabis industry is said to make between $50-1$00 billion. When the Coronavirus hit many people thought that the cannabis industry would take a big hit.
During this pandemic, cannabis-related businesses were deemed essential and left open. Because stay-at-home orders were put into place an increase in cannabis demand took over States that have legalized cannabis. This was a clear indicator that the more states that legalize cannabis and initiate rules and regulation have the ability to profit off the current green rush. Especially if the MORE Act passes the Senate which would potentially make bills like the Marijuana Banking Act easier to pass as well. What this would do is decriminalize cannabis on the federal level and then allowing financial institutions to start taking money made from legal cannabis. With more states joining the cannabis movement let’s discuss some of the states that are working hard to set and establish their cannabis market.
Will New Jersey Be A Leading Cannabis Market In 2021?
Back in November New Jersey was one of 5 states to legalize cannabis. As well NJ.is perhaps the state with the most anticipation. This is because the consumer base for cannabis in quite large. Some have said that this move was needed to influence surrounding states like New York to follow suit with cannabis legislation. Recently legislators in the state passed a bill to legalize recreational marijuana. Gov. Phil Murphy and other legislative leaders announced earlier in December that they have agreed on the terms of this new cannabis bill.
“The New Jersey Legislature has delivered the most progressive legislation in the nation regarding marijuana legalization, incorporating critical components of social justice and social equity that communities of color and others have been demanding for years,” Democratic Assemblyman Jamel Holley, a sponsor of the legislation, said in a statement. “This is a defining moment in the history of our state, as we finally put an end to a failed ‘War on Drugs’ that has shattered the lives of many, forced into lengthy, senseless incarceration.”
New Jersey has the potential to generate between $1-$2 billion in revenue. This new bill not only will generate more money but will also create more work opportunities. As the new year approaches state lawmakers are putting the framework together. This is so that NJ can start profiting off of the legal cannabis industry.
Is Arizona Setting Up To Take Over The Cannabis Industry?
Arizona Was one of the new states to legalize cannabis in 2020. Currently, Arizona is setting all of the rules and guidelines to run an efficient market. As it stands the sates is working on its measures for the adult-use cannabis market. This was all set into motion when the voters of Arizona passed Prop 207 back in November. As well Arizona just released info that cannabis licensing will be ready soon. This will be for those who want in on the cannabis industry. MSO marijuana stocks have the ability to now come in and set up shop.
The state has already mentioned that a good portion of the open licenses has already been secured. Most of these cannabis companies that have locked down a license are currently operational in the industry. It seems many new states have given licensing to already existing cannabis companies. This is because new cannabis companies present more risk versus ones that are already established in other regions. All an existing company would have to do is duplicate that operation in another state. This is instead of a new player figuring out the do’s and don’t of the market. Furthermore, there be 12 licenses up for grabs to those in want to join the industry. However, they are from rural communities. This presents an opportunity for those who want to become part of the green rush from the ground up.
What Does This Mean For Marijuana Stocks?
What this means for marijuana stocks are more chances to expand the companies operation and reach. With this growth the chance to see positive sentiment resonate well for marijuana stocks is high. The more states that go legal plainly means more opportunity for all. So as things progress for the entirety of the cannabis industry many believe that the future of cannabis holds value. This is because the cannabis industry is one of the fastest-growing industries in the world.
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