Posted July 01, 2019
By Ray Blanco
Big Week Ahead for Pot Stocks
Major moves are happening in the world of weed.
Last week, the U.S. House of Representatives approved a bipartisan amendment that stops the U.S. Department of Justice from meddling with state-legal cannabis programs.
More specifically, they wont be able to use funds to stop states with legal marijuana from putting their recreational and medical marijuana programs to work.
The vote to approve this amendment was won by historic measure. It was a vote of 267-165 (including 41 Republicans). Legalization supporters consider this a huge win and an indication that the tides are turning in Congress.
The historic nature of this vote cannot be overstated, said Cannabis Trade Federation CEO Neal Levine. For the first time, a chamber of Congress has declared that the federal government should defer to state cannabis laws.
On top of that, there was another vote that took place last week regarding an amendment that protects Veterans Affairs doctors who recommend medical marijuana in legal states.
Drug Policy Alliance Director of National Affairs Michael Collins believes that the end of marijuana prohibition has never been closer.
I think hes right.
Especially considering another major marijuana win that took place earlier this week
Illinois made the decision to legalize the possession and purchase of recreational marijuana! They are the 11th state to make this amazing decision.
This means that over one-fifth of all U.S. states have now legalized marijuana for recreational use!
Now back to your weekly update
According to news reports, adults over 21 in Illinois can purchase and possess 30 grams of cannabis, five grams of cannabis concentrate and cannabis-infused products containing no more than 500 milligrams of THC. Nonresidents will be able to purchase half of each of those amounts.
And if you have a medical card, you can even grow up to five plants in your home.
Whats even more amazing is that Illinois is going back through cases of possession up to 500 grams and allowing individuals and state attorneys to petition these cases.
And Illinois isnt the only state making moves.
Advocates in New York are currently planning to spend the next six months fighting for the legalization of the selling and usage of cannabis in their state.
There was legislation passed stating that the possession of up to two ounces can incur a $200 fine and possession of one ounce or less would be a $50 fine.
Kassandra Frederique, with Drug Policy Alliance, expresses that she doesnt think that this is the solution we need.
Frederique believes that this measure will not do anything for those incarcerated for possession like the legalization in Illinois did.
But the message is clear.
States are fighting back against the war on drugs. And they are fighting hard.
Which is great news not only for those who partake in cannabis but also the companies that are selling the product and those who are investing in it.
This is an exciting time to be a marijuana investor and it is just getting started.
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