Will The Senate Be In Favor Of The Cannabis Legislation?
This past year has been a wild ride for marijuana stocks and the cannabis industry. Not only have many of the top pot stocks began to rally since early to mid-2020 but more growth has entered the industry. However, with this comes a great deal of politics that will need to be sorted. This will need to be done before the cannabis industry can tap into its full potential. One of the biggest if not the most important problems that need to be resolved is federal cannabis legislation. If the cannabis industry had proper cannabis reform in place in my opinion we would see an even bigger boom take place.
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Currently more than half of the U.S. has some form of state-level cannabis laws. This has allowed individual states to set up and establish their own market. What makes things tough is only certain multi-state operating companies can move into other regions and profit from those cannabis markets. Due to cannabis still being federally illegal it makes it hard to have other cannabis companies move into other cannabis markets. If and when this does happen many believe this will cause another surge in the cannabis industry. Not just for other cannabis businesses but for marijuana stocks as well. As things continue to progress with cannabis reform we may see things change in the near future.
What Will Cannabis Reform Be Like In 2021?
Back in November during the presidential elections, there was a lot going on in the cannabis industry. For one during that time, 5 new states adopted some type of cannabis legislation. New Jersey, South Dakota, Arizona, Montana, Mississippi all have gone green and are working to set up regulations for their new markets. Some analysts have said that each state could add an additional billion dollars in revenue. Yet the issue remains cannabis is still illegal on a federal level and is the biggest hold up for the industry. 
Now during that same time this past November, the House passed the MORE Act. This bill is said to be the most comprehensive bill in the history of cannabis reform. The MORE Act is a bill that would federally decriminalize cannabis. As well the MORE Act would help pardon those who have been convicted of certain marijuana-related charges. Furthermore, the tax made from cannabis sales would be used to help communities that have been affected by the war on drugs. The only thing holding back this from this bill being etched in stone in the Senate.
Will The Senate Agree With Cannabis Legislation?
Currently, many cannabis advocates feel the MORE Act may not make it passed the Senate. However, in times like this cannabis enthusiasts and activists must remain hopeful. In late 2020 the UN approved the WHO’s recommendation on cannabis. This was a huge victory because it’s the first time the United Nations acknowledged that cannabis has real medical value. Some have gone on to say that this result may help to sway the Senate to follow suit with cannabis legislation.
As mentioned above the Senate is what people are concerned with.
So as of now, many Americans are watching 2 Georgia runoff elections that are soon to take place. The goal is the have the Democrats be the majority in the Senate. This would make for laws of many kinds to potentially pass a bit easier. Especially with cannabis reform and with more Democrats being in favor of legal cannabis.
What The Runoff Elections Mean For The Cannabis Industry
As it stands Dem Jon Ossoff and the Rev. Raphael Warnock are running against Republican Sens. David Perdue and Kelly Loeffle. For those that don’t understand what or why a runoff election takes place here is why. When voting on who will have seat in the Senate can’t break 50% for a clear winner a runoff election will then take place. This happened to be the case with both of Georgia’s US Senate seats after the November election which brings us to where we are now. This runoff election will bring the U.S a clear winner on whether the Republicans maintain control or lose it to the Democrats.
Now if the Republicans keep control of the Senate it may impact how President-elect Joe Biden does his job. So in the case that Georgias Senate seats are controlled by the Dems it would bring the Senate to a 50-50 power share. Now if this does happen then with a tie-breaking vote from Vice President-elect Kamala Harris it would give control of the chamber over to the Dems. The goal for current and future cannabis legislation is to shift the Senate’s control to the Democrats. This will allow for the MORE Act to have better odds of passing along other future bills. With this, we will have to wait and see what unfolds. Yet hopes remain high that things will work in favor of the cannabis industry
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