Election 2020 Winner: Cannabis!
Updated: Feb 10
Like many of my fellow Americans, for the last week I have been engulfed in the media coverage of the presidential election. Its exhausting.. Vaccine progress for Covid-19 reported by pharmaceutical companies was a welcome distraction. But as many focus on electoral votes driven by love, hate, fear, anger, etc... focused on two particular individuals; policy is quietly evolving. In particular was the policy of cannabis...
Completely off my radar until yesterday, I was looking my stock portfolio and thought to myself, ".....hey my pot stocks are up...." This warrants deeper investigation!
Here is what ALSO happened on election day last week:
Montana Initiative 190 legalizes marijuana possession and use for those over 21.
New Jersey voted to legalize marijuana for those over 21 by Public Question 1.
South Dakota has voted to legalize marijuana by Marijuana Legalization Initiative.
Mississippi has voted to legalize medical marijuana use by Ballot Measure 1.
Here is the updated map on states and legal status:
Change is a comin. This moves full legalization of cannabis from 11 to 15 states as of November 3, 2020. Marijuana is legal for medical use in all but two states, Idaho and Nebraska. You don't want to get picked up for possession in Idaho! Check this out. Yikes..
This is putting a lot of pressure on those neighboring states, like New York which may be the biggest market in the country. Taxes on marijuana will be hefty and that means revenue. And a lot of it. Those states holding out are giving away a competitive edge to their neighbors. There are still big hurdles as federal laws make business challenging in terms of banking, finance, and insurance.
New Hampshire, put down your weapons, we have you surrounded! It is useless to resist...
Clearly this was a big year for cannabis. Perhaps my pill box will one day look like this: