Illinois legalizes marijuana
Illinois became the most recent state in the US to legalize recreational marijuana this week. In legalizing marijuana, legislators often cite the necessity to decriminalize minor marijuana-related convictions, which disproportionately affect minority populations.
For Illinois, the legalization of recreational cannabis would expunge about 75,000 convictions related to marijuana in the state. Legislators believe cannabis legalization will increase social equity. Illinois is sometimes regarded as a democratic stronghold, and the legalization of marijuana supports this sentiment.
Sanders shares similar views
Democratic presidential candidate Bernie Sanders supports legalization at a federal level. Sanders’s rationale behind legalizing marijuana is focused on creating a legal system that is more just and doesn’t discriminate racially. It’s important to remember that the views expressed by a presidential candidate in the run-up to the 2020 elections are targeted to appeal to certain voters. Two such demographic groups that Sanders hopes to appeal to with this stance are African Americans and Latinos. Sanders believes that these two groups have been disproportionately affected by marijuana laws.
Several US-based companies are already building their business in the anticipation of the US legalizing cannabis federally. For example, KushCo Holdings (KSHB) has facilities in the US that serve medical and adult-use consumers. Early this morning, KushCo was up 2.1%, while Green Thumb Industries (GTBIF), which is also based in the US, was down by 2.7%. On the other hand, Innovative Industrial Properties (IIPR) was trading 2.2% higher.