How Biden’s Potential Election Could be Beneficial to Pot Stocks
We all know that the U.S. Presidential election is a big deal for the cannabis industry. For some time, laws surrounding marijuana in America have been unclear and not in favor of marijuana stocks. But, with Biden and his new running mate Kamala Harris, things could get a lot better for certain pot stocks to watch and the cannabis industry as a whole. Of course, most of this is just speculation at this point, and all we have is the past to look at to potentially tell the future. But, in Harris’ long career, she has been a stark proponent for cannabis legalization.
Although Biden has not explicitly stated that he will support a new cannabis legislation bill, the Democratic Party is dominated by those who are in favor of new laws surrounding marijuana. And because Biden needs to win as many votes as he can, he could end up supporting cannabis after all. For this reason, the election of Biden and subsequently Kamala Harris, could be a major boost to pot stocks and the entire future of the U.S. cannabis industry.
Kamala Harris’ Track Record Shows A Favorable Approach to the Cannabis Industry
Although there have been a few times where Harris has denounced marijuana, since 2019, she has been starkly in favor of it. Whether or not this is a ploy to get more Democrats to back her remains unknown. But, what we do know is that she could potentially be big news for U.S. marijuana stocks. This includes companies such as Curaleaf Holdings Inc. (OTC:CURLF), which have waited for new laws to go into place for several years.
Although Harris is now in favor of cannabis, her position is not cemented in the benefit of the cannabis industry. Rather, Harris sees cannabis legalization as a way to end the unfair imprisonment of so many U.S. citizens. Biden has stated that he is in favor of decriminalizing marijuana in order to help free those who have been imprisoned for nonviolent cannabis-related offenses. As stated before, we don’t know what his position will be if he is elected, but all we can do is draw on past information.
What This Means for Marijuana Stocks Moving Forward
Harris has been one of the primary proponents for a bill known as the Marijuana Opportunity Reinvestment and Expungement Act; or MORE for short. With this, her stance on the legalization of cannabis has become clearer than ever. If Harris comes out in full support of legalizing cannabis, it would be great news for U.S. marijuana stocks. Even if Harris shows support for decriminalization and not full legalization, it would be a major step forward for the U.S. cannabis industry.
For now, all of this remains in what happens at the end of the year. But, recent polls have shown Biden leading by a substantial number. As we know with the past, nothing is certain and nothing can truly be predicted. All we can do is get out there and vote for the future of the cannabis industry. With that in mind, Harris remains a strong first choice for those who are in favor of legal marijuana in the U.S.
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