Had the coronavirus pandemic not struck, 2020 would have been a good year for cannabis. Several states were planning on legalizing cannabis either through a ballot or inclusion in the budget, but a lot of these plans have been put on the backburner. However, despite the ongoing health and economic crisis, cannabis stocks have fared relatively well. There was an initial dip in the industry’s value when the coronavirus struck but after a month or two, states were reporting record breaking cannabis sales. As we begin the last half of the year, investors are gearing up for 2021, which they believe will be even better for cannabis stocks.
Cannabis has seen months of bullish stock trading and many cannabis stocks continue to shoot up by double or even triple digits. Such massive growth is unsustainable over the long term but investors believe cannabis will continue to grow at a more reasonable pace, especially in 2021. The year has been tough, without a doubt, and as we head to the general elections in November, the U.S. faces the biggest health and economic crisis it has seen in quite a while, with most of the country gripped by anti-police brutality protests. So how will cannabis fare in such a grim looking future?
Election Day may just be the most important day in cannabis history. This year, lawmakers have filed a number of bills to federally legalize cannabis, and their passage will depend on who assumes office in November. Although presumptive Democratic presidential candidate Joe Biden doesn’t support broader marijuana legalization, he does support decriminalizing cannabis, expunging the records of individuals with prior possession convictions and letting states set their own policies.
In July, a Democratic Senator said that if his party reclaims the Senate and White House in November, lawmakers will “move very quickly” to legalize marijuana regardless of Biden’s opinion on the matter. “From my perspective, this is another issue that’s right there on the ballot in November. We’ll move very quickly in January to change these laws to make sure that there are national protections put in place,” Sen. Ed Markey told the Young Turks podcast.
Several states also have plans to legalize marijuana either in the November ballot or next year. The U.S. cannabis industry was estimated to be worth $13.6 billion in 2019 with 340,000 jobs devoted to the handling of the infamous plant. As of March 2020, 33 states had legalized medical marijuana while 14 had allowed marijuana for adult recreational use. States like New Jersey, Arizona, Mississippi and South Dakota are likely to legalize cannabis later this year, and the resultant state legal industries will only benefit pot stocks. Cannabis has shown that it can consistently bring in millions’ worth of dollars in taxes even in the midst of a global health and economic crisis, and states will without a doubt want a piece of the cake.
This promising future may be exactly what is keeping entities like Pac Roots Cannabis Corp. (CSE: PACR) investing more in their operations in a bid to serve their current and future clients better.
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