Cannabis Legalization Sweeps the West Coast
November 9th, 2016
Policy, Top News
More than a quarter of the U.S. population will now live in a state where medical or recreational cannabis is legal following the 2016 elections.
Voters in California, Nevada, and Massachusetts endorsed the recreational use of marijuana in state-wide polls, while Arizona rejected the measure and Maine’s votes are still being counted. Meanwhile, voters in Florida and North Dakota legalized the drug for medical use and Montana revamped its laws to remove key barriers for theCFN-FEatur industry.
These states join 25 other states that have legalized medical marijuana and four states that have legalized recreational marijuana. In total, the percentage of Americans living in states where marijuana has been legalized rose above 20% from just 5% before the election.
Figure 1 – Americans’ View on Legalizing Cannabis – Source: Gallup.com
The significant increase in cannabis approval could spur the federal government into taking action. According to an October Gallup poll, nationwide support for legalization stood at 60%, which is the highest level in the 47 years the organization has tracked the issue.
Supporters have portrayed legalization as a social justice and criminal justice issue more than a basic human right, saying the measure helps reduce discrimination against minorities. In Colorado, studies have shown that both crime rates related to cannabis and the percentage of teen users has fallen. Other benefits have included reduced opioid usage and addiction.
The legalization of marijuana is also expected to create an enormous new industry within the United States. According to New Frontier and ArcView, the legal cannabis market size is expected to grow 26% to $7.1 billion in 2016 driven by newly legal states. States like Colorado are expected to generate hundreds of millions of dollars in tax revenue, while California expects to generate more than a billion dollars from its legalization measures.
Figure 2 – Marijuana Stock Performance – Source: MarijuanaIndex.com
Investors anticipating the successful legalization of cannabis have pushed shares of cannabis-focused companies significantly higher in recent months. The Marijuana Index has increased from around $60 to more than $160 since August as polling has shown robust support, although some of these gains come from Canada where recreational cannabis has already been legalized and programs are in the process of implementation.
Investors interested in the cannabis industry may want to consider building a diversified portfolio given the micro-cap nature of the market.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
Follow Us on Social Media
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.