The Marijuana Tax Act of 1937 effectively made cannabis illegal throughout the United States. While it is still illegal on a federal level, most states have legalized the use and sale of medical marijuana. The Drug Enforcement Agency still classifies cannabis as a…
Schedule I drug, “with no currently accepted medical use and a high potential for misuse.”
The MORE Act is aimed at federally legalizing cannabis, eliminating federal criminal penalties for those growing, possessing, or distributing cannabis, and expunging nonviolent cannabis convictions. It would also fund criminal and social justice programs to assist communities impacted by decades of over-policing of nonviolent marijuana-related crimes.
The Act faces a challenge in the Senate due to Republican opposition. The New Hampshire Senate voted down two cannabis legalization bills in late April, citing concerns about children, drivers, and irresponsible residents using cannabis if it were legalized.
Even though marijuana is illegal on the federal level, more states are likely to legalize medical and recreational marijuana in the coming years. As of April 2022, 37 states have legalized cannabis for medical use and 18 states have approved recreational marijuana usage for adults.
In addition, medical marijuana has been approved in the District of Columbia, Puerto Rico, Guam, the Northern Mariana Islands, and the US Virgin Islands. Furthermore, public support continues to grow, with 68% in favor of nationwide legalization, including 83% of Democrats, 50% of Republicans, and 71% of independents, according to a Gallup Poll.
In a Harris Poll from 2021, 66% of respondents supported marijuana legalization, with nearly 80% of Gen X and Millennials supporting it, compared to 48% of Baby Boomers. As legalization and decriminalization of cannabis become increasingly widespread, the recreational, or adult-use, cannabis market alone reached about $15 billion last year.
According to MJBiz, legal marijuana sales are estimated to reach $33 billion by the end of 2022 and annual revenues are expected to hit $52 billion by 2026. The cannabis sector is rapidly expanding, with more states legalizing medicinal and recreational marijuana, including potentially significant markets like New Jersey. These favorable developments suggest now is the time to invest in cannabis stocks without waiting for legalization.
GrowGeneration Corp. (GRWG)
GrowGeneration owns and operates specialty retail hydroponic and organic garden centers, and with 63 retail and distribution centers, it is the nation’s largest hydroponic and organic garden product supplier. Although GrowGeneration is not a cannabis-only company, many of its products are utilized in growing cannabis.
The rising cannabis sector in the United States has fueled a surge in demand for hydroponics supplies, which are used to grow plants without soil and for organic gardening. The company’s other products include plant nutrients, farming soils, modern lighting technologies, and hydroponic and aquaponic equipment.
Green Thumb Industries Inc. (CNSX: GTII)
Green Thumb Industries (GTI) is a cannabis consumer packaged goods company and retailer that makes and distributes branded cannabis products including flowers, concentrates, edibles, and topicals under Beboe, Dogwalkers, Dr. Solomon’s, Good Green, Incredibles, and RYTHM brands. The company also owns and operates retail cannabis stores called Rise.
Green Thumb operates in 15 U.S. states, with 17 manufacturing facilities and several retail locations. The company saw enormous growth after Illinois’ legal recreational marijuana market opened for operation at the beginning of 2020 and Green Thumb has the option to expand into more states as demand and the industry grow, offering the company new avenues for growth.
InnoCan Pharma Corporation (CNSX: INNO)
InnoCan Pharma is a specialty pharmaceutical company based in Israel that specializes in the development of innovative CBD delivery methods. The company is developing a CBD drug delivery platform based on a unique controlled-release liposome in collaboration with…
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