What Things Will Change for Marijuana Stocks and the Cannabis Industry Next Year?
The cannabis industry and marijuana stocks together have been waiting for federal U.S. cannabis legalization for quite some time. Ever since the great Reagan War on Drugs, cannabis has been criminalized right alongside heroin and methamphetamine. But, with so many marijuana stocks to watch in the industry pushing the market to new boundaries, many continue to wonder why cannabis is illegal.
As many as 33 states in the U.S. have legalized cannabis in one way or another. With the vast majority of the public supporting legal marijuana, it seems like it’s only a matter of time before the nation goes full rec. Of course, there are pros and cons for full recreational legalization at the nationwide level. One of the cons is that many believe it would take some autonomy away from states that have legalized it on their own. On the other hand, it would be a major benefit to the country in terms of taxation and criminal reform. Because of this, it’s definitely worth taking a closer look at.
Marijuana Stocks And The Cannabis Industry Where Do We Stand Right Now?
As of now, there are many marijuana stocks that are waiting to enter into the U.S. market. Companies such as Canopy Growth Corp. (CGC Stock Report) and Aurora Cannabis Inc. (ACB Stock Report), have patiently waited for U.S. full legalization to go into place. Right now, public support for cannabis seems to be at an all-time high. Following the advent of the coronavirus, states that had legal cannabis had deemed marijuana an essential service during the quarantine. This meant that many who didn’t agree with cannabis being legalized potentially switched their opinions.
There are several bills waiting to go through the Senate after having passed through the house, that would effectively end cannabis prohibition. These bills still are on the table but they need to be adjusted to meet the needs of both political parties. Of course, it would be difficult to convince all Republicans to be in favor of any liberal agenda, but marijuana seems to be semi-bi-partisan. Even in states where cannabis is illegal, new hemp markets have popped up in the past few years. Because of that, it seems as though marijuana legalization could be on the table in the near future.
What Changes Will Happen For The Cannabis Industry?
Of course, the most important thing is a new law going into place. But, it’s definitely more complicated than that. The statewide cannabis industries all run in very different ways, and all operate independently from one another. This means that the overall legalization would have to be made with this in mind. It may be difficult to make laws that apply to all states, but rather decriminalization at the federal level may be a solid first step.
Companies like Green Thumb Industries Inc. (GTBIF Stock Report) are still waiting to capitalize on this opportunity. With so many U.S. marijuana stocks to watch, legal marijuana in the country would be a huge step in the right direction. Investors should continue to watch for laws to change either this year or next year. For now, however, things remain looking quite good for the cannabis industry.