New legislation introduced could remove threats to this booming growth sector – and send pot stocks surging within the next 30 days.
Last June, two U.S. Senators introduced a pot bill called the STATES Act.
The legislation would amend the Controlled Substances Act – and make it impossible for the federal government to interfere in states where cannabis is legal.
Right now, marijuana is considered a Schedule 1 controlled substance. That’s the same classification as cocaine and heroin.
As a result, many cannabis companies have trouble opening up bank accounts or paying taxes to the U.S. government.
The STATES Act would resolve this – and assure that the Feds let states legalize cannabis.
In an unusual matchup, Republican Senator Cory Gardner (Colorado) and Democrat Senator Elizabeth Warren (Massachusetts) penned the legislation.
Last year, Colorado statewide cannabis sales are estimated to have reached $1.2 billion. And Gardner is keen to secure the future for Colorado companies in the sector.
Gardner told Bloomberg, “The votes are there.”
The pot bill now has 10 co-sponsors – including five Democrats and five Republicans. And Gardner says he has a majority of the senators onboard.
Even President Trump said that he would “probably end up supporting” the marijuana bill. He’s an opportunistic politician – and knows that 66% of Americans support nationwide legalization.
With the U.S. government in a shutdown – and Washington completely broken – it’s hard to imagine any legislation getting done.
But it looks like the STATES Act could see a vote in late January or February. Passage of the pot bill could be huge for the cannabis sector.
Specifically, this would remove an overhang and risk to U.S. stocks.
Many U.S. companies have elected to go public in Canada due to U.S. legal concerns. And Canadian banks have been at the forefront of financing the entire cannabis sector.
The STATES Act would open the floodgates for growth . . .
And put the U.S. on track to become a leader in this $100 billion growth sector.
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