The bullish momentum in cannabis stocks has continued in 2019.
In 2018, we saw Canadian legalization. U.S. states are approving its medicinal or recreational use. Corporate America is tripping over itself for piece of the market.
Retailers are jumping on board.
DSW for example, has been running tests in its stores with CBD, announcing plans to expand such products to nearly 100 stores. Neiman Marcus is pushing ahead with CBD sales at some of its stores and online. Simon Property Group is partnering with Green Growth Brands.
The U.S. FDA approved the very first cannabis-derived drug, as well as the 2018 Farm Bill, which legalized hemp and hemp-based CBD. Even major retailers are jumping on board.
However, one of the biggest catalysts for growth is the growing U.S. approval rating.
According to The General Social Survey conducted by NORC at the University of Chicago, 61% of those surveyed support legalization. That’s up from 57% in 2016.
A Gallup survey found that 66% of Americans are in favor of legalization.
That’s up from just 60% in 2016.
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A Pew survey found that 62% of Americans want to see cannabis legalization in the country, as compared to just 57% in 2015.
With those numbers on the rise, it’s also forcing Congress and the President to act.
By now, we’re sure you’ve heard of STATES.
Otherwise known as Strengthening the Tenth Amendment Through Entrusting States, STATES could amend the Controlled Substance Act to limit federal interference in state matters such as this. It would give each state the decision on cannabis.
Also, part of President Trump’s 2019 budget proposes pulling back restrictive language that has kept Washington D.C. from legalizing and regulating the sale of recreational cannabis.
He’s currently asking for the public to submit comments to help change the U.S. position on a potential reclassification. Potential legalization could fire up the voter base, considering that 61% of Americans are in favor of legalization.
These are substantial reasons cannabis should be in every portfolio.
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