Investors bullish on legalized weed are sending cannabis company stock prices rising ahead of an election that will determine the fate of a raft of legislation, including the legalization of marijuana.
Voters in Arizona, New Jersey, South Dakota, Montana, and Mississippi are casting ballots that will determine if their states will join the others that have legalized the drug, although such initiatives aren’t recognized at the federal level.
Investors who bet on early poll results that project a Biden/Harris win aren’t just being foolishly optimistic. While the current Republican administration hasn’t taken specific, um, potshots at existing state regulations, the Democrats have a three-part plan for the federal government’s action on cannabis. A Democratic majority, which would be able to enact legislation, would legalize cannabis for medical use, drop it from Schedule 1 illegal narcotics, and support states in setting their own policies.