Cannabis stocks could see higher highs
Dozens of states are legalizing its use. Members of Congress are pushing for federal legalization. Also, according to Pew Research, 91% of Americans say it should be legal.
“As more states, including Virginia and New York, continue to legalize marijuana, an overwhelming share of U.S. adults (91%) say either that marijuana should be legal for medical and recreational use (60%) or that it should be legal for medical use only (31%). Fewer than one-in-ten (8%) say marijuana should not be legal for use by adults.”
Even Amazon.com is pushing for the U.S. government to legalize it already.
In fact, according to CNBC, “The company in June said it supports the Marijuana Opportunity Reinvestment and Expungement Act, which aims to decriminalize cannabis at the federal level, expunge criminal records and invest in impacted communities.”
In addition, according to CBS News, “We strongly believe the time has come to reform the nation’s cannabis policy, and we are committed to helping lead the effort,” Beth Galetti, Amazon’s senior vice president of human resources said. “Today’s status quo is unfair and untenable,” added Galetti, who noted the difficulty for companies in creating cannabis rules for workers given the discrepancy between federal law and local statutes.
Fueling further upside for cannabis stocks, the House just “voted to include an amendment in the National Defense Authorization Act protecting banks that service state-legal cannabis businesses from penalties,” according to Barron’s.
And the U.S. Conference of Mayors, according to Marijuana Moment, are calling on President Biden to legal cannabis at the federal level. The cannabis industry “is likely to become a global multi-trillion dollar industry, with early U.S. sales already generating billions of dollars,” the organization said.
With potential legalization at the federal level, cannabis stocks could see higher highs.
The post This is Why Cannabis Stocks Could See Higher Highs – and Fast appeared first on Morningology.
