Marijuana Justice Act is a Big Boon For Marijuana Stocks

May 27th, 20183:09 am @

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marijuana justice act
iStock.com/Emilija Randjelovic

Marijuana Justice Act

U.S. weed legalization has never been closer. That’s not opinion, that’s fact.

Want proof? Read up on the Marijuana Justice Act. The act was first introduced by Senator Cory Booker (D-N.J.) last year, but has since gained a number of high-profile supporters. (Source: “Kamala Harris backs Booker bill to legalize marijuana,” The Hill, May 10, 2018.)

The act has since seen some of the biggest senatorial heavyweights join in support, including Senator Kirsten Gillibrand (D-N.Y.), Senator Kamala Harris (D-Calif.), and Senator Bernie Sanders (I-Vt.).

Between Sanders, Gillibrand, Booker, and Harris, we not only have four of the most prominent members of the Senate putting their weight behind landmark marijuana legislation, but four names that have been mentioned as potential presidential candidates in the upcoming 2020 election.

And the Marijuana Justice Act is only getting stronger. On May 23, 2018, Senator Jeff Merkley (D-Ore.) came out in support of the Marijuana Justice Act. (“Merkley Cosponsors Landmark Bill to End Federal Prohibition of Marijuana,” Jeff Merkley web site, May 23, 2018.)

“More than half of the United States has enacted legislation allowing for either medical or adult-use of cannabis, yet federal law remains in conflict,” said Senator Merkley. “This creates significant problems, not only with the prosecution of nonviolent cannabis crimes — which disproportionately hurts people of color — but also with lack of banking services for legally operating businesses”

“As long as financial institutions aren’t able to service cannabis enterprises, these businesses are forced to operate in an all-cash environment that’s unsafe and lacks accountability,” he added “This bill would place cannabis legalization in the hands of states — exactly where it should be.”

U.S. Weed Legalization

At this point, there is overwhelming support for U.S. weed legalization–at least on the Democrat’s side.

By “overwhelming,” I don’t necessarily mean that a majority of lawmakers on the left support the Marijuana Justice Act. But the future of the party is clearly behind marijuana legalization. And, at the very least, most lawmakers do support state level marijuana legalization or the states’ rights to make those decisions.

U.S. weed legalization even has support from Senate Minority Leader Chuck Schumer (D-N.Y.). Coupled with recent polls showing that the majority of Americans support U.S. weed legalization, the writing is on the wall.

Federal level marijuana legalization is still a ways away, however.

President Donald Trump has been back and forth in terms of his position on marijuana. Most recently, he came out in support of states’ rights, which was a big win.

“Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana,” said Senator Cory Gardner (R-CO). (Source: “Gardner Protects Colorado’s Legal Marijuana Industry,” Cory Gardner web site, April 13, 2018.)

But Trump has been an uncertain ally in the fight for U.S. weed legalization. And he has not come out in support of the Marijuana Justice Act.

Furthermore, his attorney general, Jeff Sessions, has long been a vocal opponent of marijuana and with the power of the Department of Justice behind him, he has the power to crack down on pot companies, with the potential to harm marijuana stocks.

While recent legislation has passed granting protections to the states that choose to legalize marijuana, Sessions still has the legal authority to prosecute pot.

But all that cannot take away from the fact that marijuana stocks will be hugely benefited by U.S. weed legalization, with perhaps the largest single run in marijuana history likely to follow the opening of the U.S market.

Analyst’s Take

Marijuana stocks are counting the days to U.S. marijuana legalization.

The amount of money to be made off the marijuana industry is astronomical; take a look at any of the recent projections on the future of the marijuana industry.

We’re talking about a massive, multi-billion-dollar market that would dramatically alter the landscape of the marijuana industry.

While the Marijuana Justice Act doesn’t quite get us there to full U.S. weed legalization, it represents the most productive step to date on the path towards legalization, especially from such prominent lawmakers as the ones listed above.

Article source: https://www.profitconfidential.com/marijuana/marijuana-justice-act-is-a-big-boon-for-pot-stocks/