Pot Boom 2.0
The global rollout of legal pot continues.
This time, it’s back in the United States. Sort of.
Specifically, it’s the Commonwealth of the Northern Mariana Islands (CNMI), a U.S. territory made up of 15 islands in the Pacific Ocean over by Guam. CNMI’s House of Representatives passed legislation by a margin of 18-1 that would end the prohibition on cannabis for adults over the age of 21.
“If the bill is enacted, CNMI will become the first U.S. jurisdiction to go directly from outlawing marijuana across the board to allowing recreational use,” notes Forbes.
Mom & Pop Pot Shops
CNMI may be far from the Lower 48, but the territory has a lot of the same problems that could be solved by legal pot. Namely, the need for more jobs and more tax revenue in the small territory, whose economy is largely driven by tourism.
Because cannabis is still illegal at the U.S. federal government level, any cannabis in the Northern Mariana Islands would have to be cultivated in the territory, creating a profitable mom and pop styled cottage industry.
It’s not a done deal just yet. Next, the bill travels to the governor for his signature or veto.
However if CNMI’s pot plan works out, it’s another notch in cannabis advocates’ belts.
Meanwhile, you don’t have to look to the middle of the Pacific to find Americans voting in favor of legal pot.
Midterms Could Create New Boon for Pot Stocks
New Jersey looks like the next state to approve recreational weed. Last week, “Assembly Speaker Craig Coughlin gave a full-throated endorsement of marijuana legalization on Friday,” notes a Politico report.
Michigan could be next after that: A recreational pot initiative got approval to appear on the state’s November ballot.
But that’s only the tip of the iceberg.
While the pot market continues to chop sideways this week, there are a lot of things to look forward to this fall. Namely midterm elections this November.
Sentiment is changing faster than ever, and with the midterm elections coming, a new boon for pot stocks could soon follow.
Federally, more and more Republicans are changing their tune on pot.
According to Politico, Congressman James Comer (R-KY) said he uses CBD inside his congressional office.
In Wisconsin, GOP Senate candidate Kevin Nicholson favors medical marijuana legalization and is open to changing how nonviolent drug offenders are sentenced.
In Minnesota Republican gubernatorial candidate Jeff Johnson said he opposes legalization but does support medical marijuana, as reported by MPR news.
And while this is only a snippet of the sentiment changes within the GOP’s camp, the message is clear: Pro-pot is pro-U.S. politically.
This year’s midterms will be huge for the marijuana industry.
If the changing sentiment is any indication, the pro-pot votes will sweep the nation and usher in a huge boom in pot stocks.
For Technology Profits Daily,
Chief Technology Expert, Technology Profits Daily