The U.S. may be a step closer to cannabis legalization at the federal level.
At the moment, 18 states, two territories and the District of Columbia have passed legislation to allow adult recreational use of cannabis in the U.S. And 36 states and four territories have passed legislation to allow medical use, according to the National Conference of State Legislators. This increased legalization has put the legal marijuana market on track to be worth $70.6 billion globally by 2028,” as noted by CNBC.
However, with Senate Majority Leader Chuck Schumer pushing for legalization, and Supreme Court Justice Clarence Thomas saying national prohibition is unnecessary, the U.S. may be nearing a turning point. In fact, according to Thomas, “A prohibition on interstate use or cultivation of marijuana may no longer be necessary or proper to support the federal government’s piecemeal approach,” he said, as quoted by CNBC.
Helping, 92% of Americans support the decriminalization of cannabis.
According to NORML, “More than nine-in-ten Americans support making cannabis legal for either recreational or medical purposes, according to nationwide survey data compiled by the marketing firm Digital Third Coast. The findings are consistent with those reported by the Pew Research Center in April, which also determined that only eight percent of Americans say that cannabis should “not be legal” for either medical or recreational purposes.”
As we near potential legalization, investors may want to consider taking positions in Canopy Growth (CGC), Tilray (TLRY), Curaleaf Holdings (CURLF), Green Thumb Industries (GTBIF), and related ETFs such as the Advisor Shares Pure Cannabis ETF (YOLO), Advisor Shares Pure US Cannabis ETF (MSOS), and the Horizons Marijuana Life Sciences Index ETF (HMLSF).