uploads/2019/06/stefan-rodriguez-bzSgdupS95U-unsplash.jpg

Other States May Feel Pressure after Illinois Legalizes Cannabis

By

Updated

US presidential election

We’ll likely hear more about other states following in Illinois’s footsteps to legalize marijuana. Just recently, New York was close to legalizing it, but legislators ran out of time. Read What Would Legalization in New York State Mean for Cannabis?

As the 2020 election is heating up, more and more democratic candidates have expressed support for legalizing adult-use cannabis. Senator Cory Booker, who is also a 2020 presidential candidate, reintroduced the revised version of his previously introduced Marijuana Justice Act in March this year. The Marijuana Justice Act aims to legalize marijuana at the federal level. Senator Cory Booker specifically seemed to target sections of the community that are disproportionately impacted by the marijuana laws currently in place in the US. Similarly, Sanders is opposed to the same treatment for a person caught with marijuana as a person caught with heroin under the Controlled Substance Act.

Article continues below advertisement

Elizabeth Warren supports marijuana legalization

Around April, Elizabeth Warren, another 2020 presidential candidate, reintroduced the Strengthening the Tenth Amendment Through the Entrusting States (or STATES) Act to the Senate along with Senator Cory Gardner. The bill seeks to amend the Controlled Substance Act and certain provisions related to marijuana so that each state will have the right to determine how to regulate marijuana without interference from federal authorities.

While these developments are taking place, marijuana legalization at the federal level doesn’t appear to be on the horizon in the near term, especially when the presidential elections are coming up in 2020. Plus there is also a lot of opposing views on the use of marijuana itself.

If marijuana becomes legal in the US, Canopy Growth (WEED) (CGC) will execute its deal with Acreage Holdings (ACRGF), which has a presence in over 20 markets in the US already. Early this morning, Canopy Growth was down 0.94%, while ETFMG Alternative Harvest ETF (MJ) was up 0.67% and Tilray was trading higher by 1.7%.

Advertisement

More From Market Realist