2019 could be the start of something big for cannabis investors.
All as many believe cannabis has a strong chance of broad legalization at the federal level.
“The federal momentum around marijuana reform is at the highest we’ve ever seen,” says Queen Adesuyi, who coordinates federal policy for the Drug Policy Alliance, as quoted by Rolling Stone. “It’s an unprecedented moment.”
For example, Congress just introduced a bill to make recreational marijuana use legal across the U.S. Known as The Marijuana Justice Act, it would legalize marijuana and wipe out any criminal possession charges from American records, according to Rolling Stone.
Democratic Sen. Ron Wyden introduced S. 420, which seeks to legalize and regulate marijuana on a federal level. Otherwise known as the Marijuana Revenue and Regulation Act, it could de-schedule marijuana by removing it from the Controlled Substances Act (CSA), establish a federal excise tax on legal sales, and create a system of permits.
Even part of President Trump’s latest budget proposal suggests scaling back restrictive language that has kept Washington D.C. from legalizing and regulating the sale of recreational marijuana. He’s also asking the public to submit comments to help change the U.S. position on a potential reclassification.
And, earlier this year, Rep. Earl Blumenauer (D-OR) proposed H.R. 420, which seeks to treat marijuana like alcohol. In addition, lawmakers in California and Rhode Island have also introduced “420” bills, as well.
There’s even STATES, or Strengthening the Tenth Amendment Through Entrusting States, it would amend the Controlled Substance act to limit federal interference in state matters. In short, “It’s not a question of if we’re going to get a federal law,” says Sen. Ron Wyden. “It’s a question of when.”
However, this is just the start.
As more Americans become comfortable with cannabis and CBD related products, more states are very likely to jump on the bandwagon.
After all, according to The General Social Survey conducted by NORC at the University of Chicago, 61% of those surveyed support legalization. That’s up from 57% in 2016. A Gallup survey found that 66% of Americans are in favor of legalization. That’s up from just 60% in 2016. A Pew survey found that 62% of Americans want to see cannabis legalization in the country, as compared to just 57% in 2015.
Those statistics are only proof that marijuana is here to stay.