If cannabis were to be legalized nationwide in the U.S., it would be the single biggest development not just pot stocks but the entire cannabis industry. All around the country, people would be able to purchase cannabis at their leisure. Although, we are not quite there yet many efforts have been made. With more than half of the U.S. already becoming apart of the cannabis boom the future of the industry is on a good path. Currently, more Americans than ever before support the legalization of cannabis. This is great news for marijuana stocks and the industry. Because of this support, all it would take for marijuana to become legalized beyond popular demand is a heavy push from the federal government.
In the current political economy, pot stocks have had their fair share of obstacles to climb. Amongst many variables, this is due to age-old legislation coming from Reagan’s ‘War on Drugs.’ Right now, Joe Biden and Mitch McConnell two of the driving forces that stand in opposition to cannabis reform. Though these two men could be a contributing factor to the halt of a growing industry many are willing to fight for cannabis reform and stand up to these political giants. On one hand, Sen. Mitch McConnell is in stark opposition to ending cannabis prohibition. Joe Biden, who is a major player in the democratic party, is also not in favor of legalizing marijuana even though many people on both sides of the fence are willing to go green if proper legislation and rules are in place.
Will Mitch McConnell Make Be Trouble For The Cannabis Industry?
One would assume that a senator from a state as conservative as Kentucky, would not be in favor of a liberal policy toward cannabis. When the House of Representatives announced they would be pushing a legal marijuana bill to the feds, hope was quickly shot down by McConnell’s disapproval of marijuana legislation. Because McConnell is the leader of the Senate, it is basically impossible to imagine that a bill pushed by the Democratic House, would become law.
One of the reasons for McConnell being against cannabis legalization is that Kentucky is a large grower of hemp. If cannabis were to become legalized, it would open up for competition around the nation. Because of this, McConnell sees cannabis legalization as an impediment to Kentucky and the state’s cultivation of hemp. Many who are for cannabis reform in the state of Kentucky see this a petty reason to not allow marijuana to be legalized. With McConnell in the government, pot stocks have faced many hurdles outside of the market that has caused some bumpy terrain towards catching more momentum in the market. With an election on the horizon, this could change very soon for the cannabis industry and marijuana stocks.
How Will Joe Biden’s Opposition for Cannabis Hurt Marijuana Stocks?
Though Joe Biden does not have as much of an effect on marijuana legalization as Mitch McConnell he still takes the position of standing against cannabis legelasiton. Yet, given the potential that Biden could very well become the president of the U.S. Currently Biden is not leading in the polls which is a good sign for the cannabis industry and pot stocks alike. But, if he were to get elected, it would not be great news for the market. Biden has gone on record stating that cannabis is a cause for major health issues.
He has stated that scientific data backs up this claim, but we have not found that to be the case. Biden has also stated that he wants states to push their own laws forward without the federal government interfering. With each state having there own laws and policies on cannabis this would be big as less interference from the feds would be the outcome. However, his overarching stance is in no way a good thing for the cannabis industry. Right now it is still too early to tell what will happen come November. However, it is clear that the future of the cannabis industry and pot stocks as a whole is dependent upon the American politics of 2020.
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