The past several years have not only sparked interest but also excitement, surrounding the cannabis industry. Of course, marijuana stocks tend to benefit from new progress being made across the globe. More countries and states have begun to loosen or lift laws in favor of medical and/or recreational legalization. As a result, the momentum that pot stocks have seen could only continue to grow. As we welcome July, we can also welcome another exciting week for the cannabis industry.
First and foremost, it’s a holiday week for both Canada and the United States. Canadians celebrate Canada Day on July 1st, while Americans celebrate Independence Day on July 4th. Since cannabis has made its way into all major U.S and Canadian holidays, this could lead to higher cannabis sales for businesses. If you buy marijuana stocks, events like this are something to be aware of.
Second, as we start a new month, in the U.S several cannabis-related laws are coming into effect. This won’t be from a single state but throughout a number of different states. Here’s the 411:
The FDA & CBD Could Spark Momentum For Marijuana Stocks
The U.S. Food and Drug Administration (FDA) will stop receiving comments following May 31st’s public hearing regarding cannabidiol, aka CBD, on July 2nd. The FDA is anticipated to begin drafting the regulations and foundation of the rapidly emerging U.S CBD industry.
Medical Marijuana: Minnesota, Massachusetts & Virginia
Starting in July, medical cannabis will become more accessible to consumers in a number of states. In Minnesota, patients with Alzheimer’s Disease are now eligible to use medicinal cannabis. The “initial access certification” program has launched in Massachusetts. This permits patients to obtain an initial two-week supply as they wait to receive their official registration card by mail.
Two laws have come into effect in Virginia. The first permits patients to select someone to pick up their cannabis prescription if they aren’t able to. The second law grants registered student patients the ability to have their medicine administered to them at school. A school health care provider would administer the student.
Marijuana Stocks With Exposure To New Mexico
Beginning this month, New Mexico decriminalized cannabis possession after a bill passed and became law in April. In the state, it’s no longer classified as a criminal offense for a first-time possession. That’s for up to one-half ounce of cannabis. It would rather incur a penalty assessment that comes with a $50 fine.
New Jersey Gives A Reason To Watch Certain Pot Stocks
Starting July 1st in New Jersey, companies are able to apply for new medical marijuana licenses. There are only 12 vertically integrated licenses in the state with half of those not yet operational. The garden state intends to issue up to 108 additional licenses throughout the state and will offer up to 54 dispensary licenses, 30 processing permits, and 24 cultivation licenses.
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