2020 stands to be a banner year for marijuana legalization. That’s even with all the pressure from the coronavirus crash.
And cannabis legislation is creating new profit opportunities right in front of your eyes. We’re going to show you one of our top marijuana stocks to buy as this unfolds.
Research from the National Institute for Cannabis Investors (NICI) suggests that full cannabis legalization could ignite 2,900% growth for the cannabis industry. In 2019, it was valued at $10.8 billion. But the U.S. market could ultimately rise to $300 billion in value.
It’s just a matter of how quickly this will happen. But it could be faster than you think…
Believe it or not, there are nine states set to vote for marijuana legalization in 2020. And other states are looking to legalize through legislation before Election Day.
While public opinion continues to shift in favor of legalization, politicians are also starting to realize the tax revenue is too good to pass up.
We recently covered a potential marijuana catalyst from the state of Oklahoma. Oklahoma Representative Scott Fetgatter considered that the $220 million of budget lost to combat COVID-19 could be replaced with revenue from legal marijuana.
Other states have already been cashing in. A week after legalizing marijuana, Oregon sold $11 million worth. Illinois’ tax revenue on legal marijuana is expected to rise from $34 million in 2020 to $375 million in 2024.
What’s more, marijuana dispensaries have been considered essential in 30 states during the COVID-19 lockdown, at least in a medical capacity. That’s helping them power through the downturn while other businesses flounder.
As the case for legalizing marijuana strengthens, these states are the most likely to legalize marijuana in 2020…
Marijuana Legalization 2020: 9 More States
As the demand for marijuana proves resilient in the current downturn, it could boost pot stocks sooner than expected. CNBC even has Curaleaf Holdings Inc. (OTCMKTS: CURLF) Executive Chair Boris Jordan recalling how the lift on prohibition “became a major revenue generator” for governments after the Great Depression.
So it’s hard to think other states would not consider cashing in at this point. States that were once on the fence could join the several ready to vote on it come election season.
Here’s a list of states that could potentially join the cannabis legalization 2020 wave…
- Arizona
- Arkansas
- Florida
- Idaho
- Mississippi
- Missouri
- Nebraska
- New Jersey
- North Dakota
- Oklahoma
- South Dakota
- Virginia
By the end of the year, this might not even be the whole list. And now, here is a marijuana stock to buy that’s a steal on the coronavirus dip…
Cannabis Legislation 2020 Will Boost This Cannabis Stock
Join the conversation. Click here to jump to comments…
About the Author
Mike is a graduate of the Perdue School of Business at Salisbury University. He has combined his degree in Economics with an interest in emerging technologies by finding where tech and finance overlap. Today, he studies the cybersecurity sector, AI, streaming, and the Cloud.
Recent Comments