2020 is a big year for pot stocks and the cannabis industry as a whole
In the U.S., 2020 is an election year which means that big things could be in store for cannabis legislation. It should be noted that right now, there are no laws allowing marijuana to be consumed or sold at the federal level. The government has chosen to leave it up to the states to decide whether or not they would like to have marijuana legalized. Because of this, the cannabis industry across the country is quite segmented. As more states become legal, investors continue to search for thriving cannabis companies across the nation. With the success of each company, this will only help them to determine the best marijuana stocks to buy.
In the U.S. there are eleven states plus Washington D.C. that have legalized cannabis for recreational use. Support for legal cannabis in the country has also never been higher. Some studies show that as much as 70% of the public support cannabis being legalized. In addition to this, investors continue to show interest in U.S. focused pot stocks. Because of this, there is a flood of capital coming into the American marijuana market. If more states choose to legalize cannabis, it would be great for the industry and pot stock investors alike. So with that in mind, which states could potentially go full rec in 2020?
Last year, New Mexico tried to pass a bill to legalize recreational cannabis. Once the bill got to the Senate in the state, it ended up sitting for some time before not passing.
New York is a major potential market for cannabis. With the largest city in the country by population, the sales that the market could see are potentially astronomical.
The Florida cannabis market is already ripe with opportunity. Currently, it is only a medicinal marijuana market which makes sense given its conservative population. But, the public there continues to express their desire to see marijuana go fully recreationally legal in 2020.
These three states are only a few prime examples of what could change in 2020. With elections on the horizon, there are potentially several states that could go fully recreational in the upcoming months. For now, it is still up in the air as to what will happen. But as investors wait for new states to become legal the opportunity to find more pot stocks is increasing.
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