Trump Backs State-Level Marijuana Regulation, Lifting Pot Stocks
The democrats are introducing legislation to decriminalize marijuana, Schumer is supporting taking marijuana of Schedule 1. This is a major boost for the legal pot industry and has lifted cannabis stocks, making it a great time to start buying into this thriving new sector.
The North American marijuana business posted a revenue of $9.7 billion in 2017 – 33% up on the previous year.
Now that California has legalized recreational use, and with Canada set to follow suit in the summer, the green rush shows no sign of slowing down. Analysts predict the market could hit $24.5 billion in sales by 2021.
Senate Minority Leader Charles E. Schumer (D-N.Y.) announced that he has decided to support decriminalizing marijuana at the federal level and will advocate bills to help marijuana businesses grow. Schumer cited an “evolved thinking — both personally and by the nation” for his switch. As The Washington Post’s David Weigel writes, “It’s the first time that a leader of either party in Congress has endorsed a rollback of one of the country’s oldest drug laws.”