Will Cannabis Legalization Follow The Cultural Shift Thats Currently Taking Place In The United States?

Will Cannabis Legalization Follow The Cultural Shift Thats Currently Taking Place In The United States?

2020 has been a tough year for the global economy and the United States if facing an unprecedented situation. From the COVID-19 outbreak to the systemic injustice that has negatively impacted African Americans, the US is at an inflection point and we believe that change is needed.

Although cannabis is legal in more than half of the US and is a multi-billion-dollar industry, millions of African American and people of color are serving long jail sentences for cannabis related crimes.

In order to pass smarter policies, we need to elect smarter leaders. The 2020 election is going to be remembered as a moment in time where we as a nation makes a decision on what path we want to go down.

During the last two months, President Trump’s approval rating has plunged, and Joe Biden is leading Trump in many important polls. We believe that social justice and prison reform will be major talking points of the election and expect to see Joe Biden take a more positive stance on such matters.

Ahead of the election, we expect President Trump and Joe Biden to lay out their respective strategy to fight racial injustice. We expect Joe Biden to take a stronger stance on these important initiatives and believe that he with gather the support of those who have been impacted by racism.

Although Joe Biden is not the largest supporter of the legal cannabis industry, he seems to be a firm believer in states’ rights, and this should play out well for the industry. If elected, we expect Joe Biden to legalize medical cannabis and release inmates who are jail for these cannabis related crimes.

We believe that the legalization of cannabis in the US is needed after COVID crisis as states look to find new taxable revenue streams. Many states are facing mounting budget deficits and industries like cannabis and sports betting could play an important role in paying down these debts.

We believe that the cannabis industry is in the early innings of a major growth cycle and expect to see states like Arizona, New Jersey, New Mexico, and New York pass recreational cannabis legislation in near future. All of these states have been crushed by COVID and all need to find new avenues to generate tax revenue.

The outcome of the 2020 election will be remembered by generations to come and we want to see action taken to eradicate social injustices that harm underprivileged communities. From mass incarcerations to regulation reform, action needs to be taken to support the African American community and we hope that we elect a president who will enact change.

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Authored By

Anthony Varrell

Anthony Varrell is Managing Director of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

Published at Tue, 16 Jun 2020 11:30:29 +0000

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