Only 10 states remain where cannabis is completely illegal
The State of State Cannabis Laws
On April 23rd of this year, Delaware legalized adult-use cannabis, but the law will not take effect until dispensaries likely will not open until 2024.
On May 3rd of this year, Maryland legalized adult-use cannabis after Governor Wes Moore signed the law. The law takes effect on July 1st.
Minnesota followed shortly after Maryland when Governor Tim Walz signed the adult-use cannabis bill on May 30th. This law goes into effect on August 1st.
This brings the total of adult-use cannabis states up to 23 (plus Washington D.C. and Guam) and medical-only states to 17 (plus Puerto Rico).
This leaves only ten states where cannabis is still illegal (Idaho, Iowa, Kansas, Nebraska, North Carolina, South Carolina, Tennessee, Texas, Wisconsin, and Wyoming).
States looking to legalize adult-use cannabis
Ohio may vote to legalize adult use in November.
Pennsylvania has had three proposals introduced in State Congress to legalize adult use.
Florida is close to getting a constitutional amendment on the 2024 ballot to legalize adult use.
Hawaii has a new pro-reform governor who has promised to support the signing of an adult-use bill this year
Oklahoma voters rejected an adult-use ballot measure earlier this year.
States looking to legalize medical cannabis
South Carolina has had multiple medical marijuana bills reintroduced this year.
Wisconsin’s Republican-dominant majority has almost reached a consensus on legalizing medical marijuana.
What does all this mean?
With 40 out of 50 states having some legal form of cannabis, the pressure to legalize cannabis federally has never been higher. According to a national survey by Pew Research Center earlier this year, 75% of Americans believe the sale and use of marijuana will eventually be legal nationwide, a majority opinion even among those who oppose it.
Where are we with cannabis legalization federally?
The SAFE Banking Act was reintroduced into Congress again this year, and the Biden administration has hinted at moving on federal cannabis scheduling by the end of this year.
Over a dozen bipartisan lawmakers sent a letter to Secretary Becerra and U.S. Attorney General Merrick Garland earlier this year, asking for transparency on the review process. The letter called for removing cannabis from the Controlled Substances list, saying, “marijuana was scheduled based on stigma, not science.”
Why is now a good time to invest in cannabis?
As we get closer and closer to federal legalization, the opportunity to invest in cannabis continues to have enormous potential. Cannabis companies still have limited access to capital. So businesses with access to noninstitutional money stand the best opportunity to succeed until the SAFE Banking Act eventually passes, and institutional money takes over.
Cocannco uses sound financial due diligence to identify and partner with companies and crowdfunding to provide the cash infusion they need to grow.
Ready to learn more about these investment opportunities with Cocannco?