With so much going on with cannabis legalization, we wanted to make sure you know what is happening around the United States…
At the South by Southwest conference in Austin, Texas, last week, former House Speaker John Boehner firmly stated: “It’s time for the federal government to get out of the way.”
He was talking, of course, about the cannabis industry. “It’s clear this market is going to expand,” he said, “and as it does, lawmakers in Washington have to look up and realize that the federal government is way out of step.”
Anyone who viewed our American Cannabis Summit won’t be surprised to hear that coming from the former speaker. He may have once claimed to be “unalterably opposed” to cannabis legalization, but he now believes it’s time to “go all in.”
It’s difficult to say exactly how long it will be until the federal government stays completely out the way by removing marijuana from Schedule 1 under the Controlled Substances Act and legalizing cannabis nationwide.
Speaker Boehner, for his part, thinks it will happen within the next five years. A good friend and colleague of mine thinks it could happen even sooner.
Until we see the federal legalization of cannabis, though, individual states will continue to fall like dominoes. A total of 10 states and the District of Columbia have already legalized the adult recreational use of cannabis, and another 23 states have legalized its medical use.
Understanding how cannabis regulations are rolling out across the country is an invaluable part of becoming an informed cannabis investor.
Alaska: The Last Frontier
Alaska has a novel idea to allow cannabis users to purchase products and use them on site at cannabis stores. I’m interested in this model because in places like Las Vegas, it’s pretty darn difficult to find a place to smoke marijuana if you’re a tourist.
You can’t do it outdoors, and if you want to stay on The Strip and go gambling, hotels won’t allow you to smoke a joint in your room.
In Alaska, the consumption area will have to be separate from the retail space of a dispensary, either by a wall with a secure door or an outdoor patio.
Florida: The Sunshine State
The cannabis laws in Florida are still a little wonky, but it’s starting to get easier for medical patients to access cannabis-based medicine.
For example, lawmakers recently fought the state’s ban on smokable medical cannabis. Under the terms of Bill SB 132, doctors would also be able to order a six-month supply of medical cannabis for patients, which is triple the current limit.
These tiny cannabis companies are about to make their move into the public spotlight with some of the most groundbreaking innovations we’ve ever seen. If you act now, you could take home a piece of the projected $12 billion in new wealth. But game changers like these won’t remain under the radar for long. To see how to make what could end up being the best investment of your life, click here.
Illinois: The Land of Lincoln
Over the past few years, there has been a budget crisis in Illinois. The state did not have a state budget for the fiscal years 2016, 2017, and part of 2018. That led many state agencies to cut services.
That’s why officials are now looking for new ways to generate revenue. One of them could be through legalized cannabis. The new Illinois Governor J.B. Pritzker (IL-D) supports recreational cannabis use, and legalization in Illinois is logical with Michigan residents already having voted for full legalization.
Missouri: The Show-Me State
This is more about cannabis reform, but it is still newsworthy because it sometimes takes baby steps before full legalization can take place.
Medical marijuana patients in Missouri could have records for certain cannabis convictions expunged under a bill that passed the state House of Representatives.
“Missouri has a chance to make history. This bill goes right in form with the things that we’re trying to do here in Missouri on the criminal justice side of things,” Representative Ron Hicks (MO-R) said in a statement.
New Jersey and New York: The Garden State and the Empire State
There’s a race between who will legalize recreational use first, but it looks like New Jersey is in the lead. Under the plan from New Jersey Governor Phil Murphy (NJ-D), cannabis would be subject to an excise tax of $42 per ounce, and cities and townships where marijuana retailers operate would receive the revenue from a 3% tax on products sold.
As this gets closer to happening, I’ll let you know what this means for our model portfolios.
New Mexico: Land of Enchantment
New Mexico is getting closer to cannabis legalization reform, and it looks like the state is considering a unique move.
Cannabis will be grown by private businesses, but the product itself will be sold in state-run stores. It’s similar to state-run liquor stores. In Virginia, for instance, their ABC stores generate $230 million a year, with $110 million from taxes and $120 million in profit, according to The Economist.
I’m going to dive deeper into this at a later time if it looks like it will actually happen, but I wanted to make sure you were aware of what was going on with this legalization effort.
Vermont: The Green Mountain State
In Vermont, there is a Senate-passed piece of legislation that would impose a 16% excise tax on sales along with a 2% local option tax for towns that levy the fee. A Cannabis Control Board would also be created for the state, which is a three-person committee that would issue licenses and regulate the cannabis economy.
In the first fiscal year of full legalization in Vermont, officials have projected sales will reach between $3.8 million and $7.4 million. That number is expected to bump up to $16.6 million by 2024.
All of this is good news for our model portfolios, as legalization opens up doors for more products to be sold.
Thank you for being an important part of the National Institute for Cannabis Investors,
Executive Director, National Institute for Cannabis Investors
P.S. A medical cannabis startup has developed a breakthrough treatment that could cure one of today’s deadliest diseases. With FDA approval, this tiny startup could grow from a grubstake today to $52.5 billion in just a few years. And this is only one of up to six opportunities you could discover this year to enter the lucrative arena of angel investing. Click here to learn more about these rare opportunities.
31 responses to “These Could Be the Next States to Legalize Cannabis”
March 19 2019