What's in store for the cannabis industry after the elections?
Marijuana could resume the boom seen in recent years.
Some analysts predict that legal weeds are on their way to a $ 9 billion market. As a result, not many states - or the federal government - will be able to ignore the economic benefits for too long. While the federal government still views marijuana as a dangerous drug, the rest of America isn't that blatant.
Five other states just legalized the paper in Tuesday's election, so that one in three Americans now lives in a state where marijuana is no longer subject to prohibition. Some believe that such a substantial victory means cannabis reform is ready for further progress in the coming year. We are talking about more states with influence putting hashish laws in motion, and maybe even a situation where Congress is finally being forced to carefully consider the issue. While there is still great uncertainty as to how this could or will shake off, you can bet that a lot is on the horizon for marijuana legalization in the United States. One thing that can almost be relied on is that New York is finally moving towards a fully legal market. While lawmakers have not been able to come to terms with it in recent years, New Jersey's newfound legal status may put pressure on them to look at it differently.
Garden State voters overwhelmingly approved a measure on Tuesday that will make the cultivation and sale of cannabis a completely legal industry. If New York does not do the same, the state will be forced to grapple with interstate drug trafficking and ultimately deplete the police resources needed for violent crimes. New York Governor Andrew Cuomo knows this is true. He told public radio station WAMC earlier this week that he believes lawmakers need to find the inspiration to approve weed legalization in 2021, otherwise. More than anything, he said, the state needs the tax revenue from the cannabis industry to help correct the economic recession caused by the coronavirus. "I think it's ripe this year because the state is going to be desperate for funding, even with \[Joe\] Biden, even with incentives, even with everything else, we're still desperately looking for funding - and it's the right policy ", he said. The recent cannabis victories in Arizona, Montana, Mississippi and South Dakota will also warm neighboring states to the possibility of legalizing marijuana. We anticipate there will be a number of pot-related proposals being put forward by state lawmakers in the months ahead and into next year. But the biggest question about the future of marijuana is when will Uncle Sam make the call for statewide legalization. Well that might take a while. Even if we still don't know for sure who will lead the US for the next four years, that's fine. Because the outcome of the presidential elections does not play a major role in the grand plan of marijuana reform. Neither Donald Trump nor Biden endorse weed legalization. Trump still believes that the matter should be left to the states, while Biden, a tough drug warrior at the time, doesn't think introducing a taxed and regulated system is the way to go.
Instead, he has agreed to work on some sort of decriminalization measure - a measure that would remove the penal sanctions for petty criminals. That sounds like a good first step, but it wouldn't necessarily make a major change. It would still be left to the states whether they want to relax their pot laws. Fortunately, it looks like Biden is destined to become the next President of the United States. So we'll likely hear more about his plan to decriminalize the federal government in the next few months. Unfortunately, it may not have the necessary weight to enforce it. And why? We still don't know whether the Democrats or the Republicans will control Congress.
It looks like the Democrats are dominating the House of Representatives, but the Senate battle is imminent. If Republicans take control, the marijuana reform will be in bad shape for the next few years. Senate Majority Leader Mitch McConnell has just been re-elected and he has sabotaged every marijuana-related move that has spilled over his desk. Even if the House Democrats work with Biden to decriminalize marijuana, it is possible, and very likely, that those efforts will be in vain once they reach the Senate. Unless the Democrats miraculously take control of both houses. If that happens, we would undoubtedly see great strides in marijuana reform at the national level.
It is even possible that the leaders of Congress could convince Biden to pursue a broader plan during his tenure. That could mean nationwide legalization before 2025. But for now we will wait and see. Regardless of what happens to the federal government, rest assured that more states will start looking at legalization starting next year. Some analysts predict that legal weeds are on their way to a $ 9 billion market. As a result, not many states will be able to ignore the economic benefits for too long. And from what you hear, the federal government will not be able to ignore the economic benefits either.