To use the stoner jargon of the Woodstock generation, many marijuana stocks will turn out to be “buzzkills.” Sure, there’s lots of money to be made in the marijuana sector. But not all cannabis plays are winners.
Below, I steer you toward a special report that pinpoints the best marijuana investments now. First, let’s review the latest political, regulatory and legislative trends affecting marijuana, as of this past week.
For marijuana investors and advocates, the news on the federal and state levels continues to bolster the bull case for weed.
U.S. House Speaker Nancy Pelosi (D-CA) and other congressional leaders expressed support for including marijuana business banking access in a forthcoming coronavirus relief aid package.
U.S. Senator Cory Booker (D-NJ) stated that patients should be ensured medical marijuana access amid the COVID-19 pandemic: “For people that need it for their post-traumatic stress, for the seizures that they may have, for serious medical conditions, I’m hoping we prioritize those people so they can get the medicine they need.”
Sen. Booker recently reintroduced legislation to legalize marijuana nationwide and expunge federal convictions for possession or use of the drug.
West Virginia Democratic Senate candidate Paula Jean Swearengin tweeted: “Hemp and cannabis can once again be a cash crop for West Virginia but in order to see real success we must decriminalize cannabis on a federal level and legalize production within our state.”
U.S. Rep. Earl Blumenauer (D-OR) said he wants Small Business Administration relief “eligibility for state-legal cannabis companies” in the next coronavirus bill.
Congress last month passed the CARE Act, a $2.2 trillion fiscal spending package that provides a lifeline to families and businesses most affected by the coronavirus. Business leaders argue that more needs to be done, especially for small businesses.
The cannabis industry is specifically ineligible for federal disaster loans and other relief programs because of marijuana’s continuing status as an illegal controlled substance on the federal level.
Oregon Democratic congressional candidate Albert Lee tweeted: “End the War on Drugs, eliminate mandatory minimums, apply those funds to treating drug dependency & providing supports to marginalized communities that have been oppressed and held back by institutional & structural racism.”
A recent study from Johns Hopkins University found that “cannabis may improve opioid withdrawal symptoms and that the size of the effect is clinically meaningful.”
Johns Hopkins surveyed 200 people who said they ingested both marijuana and opioid painkillers. The survey sought to find whether these respondents believed that cannabis helped or worsened their struggle with opioid addiction.
Among the 200 total respondents, 125 said they used cannabis to cope with painful withdrawal symptoms linked to heavy opioid use. Nearly three out of four respondents, or 72%, said cannabis helped them get through the excruciating withdrawal period, which can last for weeks.
Colorado Gov. Jared Polis (D) is calling on Congress to include marijuana businesses in upcoming coronavirus relief legislation.
In a statement this week, the governor said: “Unfortunately, a large number of small businesses in Colorado are not eligible for these loans due to their involvement in the state-legal cannabis industry, which is a major employer and tax revenue generator in our state.”
Maine regulators are delaying the launch of recreational marijuana sales because of the coronavirus pandemic.
New Hampshire regulators are extending medical cannabis patients renewal deadlines during the COVID-19 outbreak.
Pennsylvania’s health secretary said that medical marijuana dispensaries will continue to be considered “essential services” during the pandemic.
Virginia Gov. Ralph Northam (D) approved a marijuana decriminalization bill, while recommending a change to push back the due date of a study on broader cannabis legalization by one year.
Northam posted this tweet, which encompasses marijuana decriminalization:
Northam also signed legislation that legalizes medical cannabidiol (CBD) and tetrahydrocannabinol (THC) oil for medical use.
Washington State regulators sent social distancing guidelines to marijuana businesses during the coronavirus outbreak.
Recreational and medical marijuana is legal in Washington. Anyone over the age of 21 with a valid ID from any U.S. state (or international passport) can legally purchase marijuana in Washington.
As the second U.S. state to legalize recreational marijuana, Washington is a thriving mecca for cannabis tourism. State programs are increasingly dependent on tax revenue from the booming cannabis industry.
Looking to profit from marijuana legalization? Every retirement portfolio should have at least one marijuana stock.
Our stock-picking experts have unearthed hidden gems in canna-business that most investors don’t even know about. For our latest research on the best pot stocks, click here.
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John Persinos is the editor-in-chief of Marijuana Investing Daily.