The cannabis market has seen a large amount of positivity not only from investors but from the public as well. One of the factors that has continued to shape how the space functions for the future has been the addition of new legislation that works in favor of the industry. This legislation has helped to give the public a much-needed voice to show their support for cannabis.
The U.S.’s choice to allow the import of cannabis for research purposes at the University of California San Diego have helped to potentially shed a new light on where cannabis could go in the near future. The upcoming midterm elections, however, could help to revamp the market even further as we move toward a future of legal pot. An analyst stated recently that “few industries are better positioned than cannabis regardless of the outcome. Generally speaking, the higher the Blue Wave, the better for the budding industry though even a potential Red Wave is likely to feature pockets of good news.” Much of the democratic party in the country has shown an overwhelming amount of support for the legalization of cannabis which is not to say the other side has not, but it has undoubtedly been less frequent. In the past several years, approval rates across the board in the U.S. have shot up showing a public desire to see legal cannabis across the nation.
Weed stocks have also been able to help illustrate the positivity in the cannabis space as major companies like Tilray (NASDAQ:TLRY) have shown promise throughout Wall Street which at one point doubted the markets validity. Other stocks in the industry have also contributed to the cannabis industry’s overall rise in the hundreds of percents. Tilray posted its second-best day ever on Tuesday after stating that they had received an approval from the DEA within the U.S. to export cannabis for research purposes. The only issue now that currently stands is that of legislation throughout the country. If legislation is able to match what the public would like to see, it seems as though the market could begin to react more positively. One analyst states that in regard to if Attorney General Jeff Sessions is replaced, “it is hard to imagine his replacement being more hostile to cannabis.” Sessions has been notoriously hard on cannabis which has been quite a downside for the industry as it has proven to be much less harmless than most of the drugs that are used in place of the substance. He continued to state that a new general would “continue to play offense in Colorado, which could pay cannabis dividends.”
Trump has continued to criticize Sessions which means that a new Attorney General could be on the horizon, but as of now, it is only a dream for cannabis enthusiasts. Until that time, the midterm elections in the U.S. could prove to be a very solid move for the world of cannabis and could help to show favorability and what the public would like to see in the coming months.