The U.S. may be a step closer to cannabis legalization at the federal level.
At the moment, “18 states, two territories and the District of Columbia have passed legislation to allow adult recreational use of cannabis in the U.S. and 36 states and four territories have passed legislation to allow medical use, according to the National Conference of State Legislators. This increased legalization has put the legal marijuana market on track to be worth $70.6 billion globally by 2028,” as noted by CNBC.
In addition, with Senate Majority Leader Chuck Schumer pushing for legalization, and Supreme Court Justice Clarence Thomas saying national prohibition is unnecessary, the U.S. may be nearing a turning point. According to Thomas, ““A prohibition on interstate use or cultivation of marijuana may no longer be necessary or proper to support the federal government’s piecemeal approach,” he said, as quoted by CNBC.
All could be positive catalysts for companies such as Phyto Extractions Inc. (CSE:XTRX) (Frankfurt:D2EP), High Tide Inc. (TSXV:HITI)(NASDAQ:HITI), Canopy Growth Corporation (TSX:WEED)(NASDAQ:CGC), Tilray Inc. (NASDAQ:TLRY)(TSX:TLRY), and Green Thumb Industries Inc. (CSE:GTII)(OTC:GTBIF).