We have covered the growing cannabis movement in the US at length as we believe this is the best potential investment opportunity. Things are moving faster than most people expected, with even states like Utah getting closer to legalization. In 2019 there are 11 more states actively moving towards medical legalization, which in other states has been a tipping point, later leading to full rec legalization.
With over 300 million people in the US, and a long history of anti-cannabis propaganda, the opportunity to get in early to this wave is exciting. There has been a huge shift recently in perception over the plant with 64% of Americans supporting legalizing medical cannabis. The US government has allocated vast resources for further scientific research as well, but even with this momentum, it is still early days.
With the speed and veracity this wave has shown to contain, investors who are already active, or looking at the US market for an investment opportunity this has to be an exciting time.
South Carolina: Sen. Tom Davis (R-Beaufort) and Rep. Peter McCoy (R-Charleston) introduced companion bills in January to legalize medical cannabis, with Davis calling the legislation (SB 366) the most socially conservative medical marijuana bill in the country, according to a recent WIS News report. The bill would not allow flower, instead giving patients access to capsules, oils and edibles.
Tennessee: State lawmakers proposed three cannabis-related bills Jan. 29. State Sen. Sara Kyle (D-Memphis) and Rep. Gloria Johnson (R-Knoxville) introduced SB 260/HB 234, which would allow those with a valid medical marijuana card issued in another state to carry up to a half ounce of cannabis in Tennessee. Kyle also proposed SB 256 to decriminalize the possession of less than an ounce of marijuana, and Johnson sponsored the bill in the House. Kyle also introduced SB 257, which aims to change the definition of marijuana for tax purposes to match how it is defined in the criminal code.
Connecticut: Connecticut’s 2019 attempt at adult-use cannabis legalization comes with the support of 40 statehouse Democrats already—and a sympathetic governor. Retail sales in neighboring Massachusetts have applied some pressure to Connecticut politicians interested in opening a new tax revenue spigot.
Kentucky: State Sen. Jimmy Higdon (R-Lebanon) introduced a bill in Kentucky to decrease the penalty for cannabis possession to a $100 fine (or 15 hours of community service). Possession for personal use includes amounts of cannabis up to one ounce. SB 82 is a step toward cannabis reform in a state that’s otherwise on the vanguard of hemp cultivation and innovation in the U.S.
Wyoming: Republican House Majority Floor Leader Eric Barlow (R-Gillette) sponsored House Bill 278 to legalize medical marijuana in the state. The legislation would establish a tightly regulated system for the distribution and control of cannabis.
Illinois: State Sen. Heather Steans (D-Chicago) and State Rep. Kelly Cassidy (D-Chicago) say they plan to introduce a formal adult-use legalization bill soon in the Illinois Legislature, according to a State Journal-Register report. At a town hall-style meeting in Springfield Jan. 28, Stearns and Cassidy said the measure would allow adults 21 and older to purchase and possess up to 30 grams of marijuana, as well as grow up to five marijuana plants in their household.
Minnesota: Sen. Melisa Franzen (DFL- Edina) and Rep. Mike Freiberg (DFL-Golden Valley) introduced Senate Bill 619 and House Bill 420 Jan. 28 to legalize recreational marijuana for Minnesotans 21 and older. Adults would be allowed to grow up to four plants at home, and the state would regulate growing operations and taxation.
Nebraska: State Sen. Anna Wishart (D-Lincoln) introduced the Adopt Medical Cannabis Act in January (LB110). Right away, the Senate Judiciary Committee took up the cause and held a public hearing that garnered dozens of comments on both sides of the issue. The bill would limit medical cannabis possession to 3 oz. of marijuana on your person and 8 oz. at home.
New Hampshire: State Rep. Renny Cushing (D-Hampton) introduced an adult-use legalization bill (HB 481) last month, which would allow possession of up to one ounce of cannabis. The bill would also set up a commission to determine and oversee taxes and regulations for a cannabis market in New Hampshire.
West Virginia: Delegate Mick Bates (D-Raleigh) introduced HB 2331, legislation that would decriminalize marijuana and allow counties to approve its production and sale for adults 21 and older. The bill would legalize possession of up to one ounce or cannabis, and the State Bureau of Public Health would be responsible for permitting the production and sales facilities.
New Mexico: Democratic legislators introduced HB 356 Jan. 24 to regulate and tax adult-use cannabis sales for individuals 21 and older. The legislation would allow counties and cities to opt out of the market and levy a 9-percent tax on commercial cannabis sales.