In today’s Marijuana Market Update, I:
- Cover more big news on the federal legalization front.
- Reveal additions coming to our YouTube channel.
- Share good news about one of our Cannabis Watchlist stocks.
Bipartisan Legalization Support
Late last week, Marijuana Moment broke a significant story in the world of cannabis legalization — if it’s true.
As someone familiar with national politics, I can tell you that nothing is certain, and everything can change.
Regardless, the website broke the story that a massive federal legalization bill is coming to the U.S. House of Representatives.
New York Democrat Jerrold Nadler — chair of the House Judiciary Committee — plans to reintroduce a bill to legalize marijuana federally.
The bill contains components for social justice that advocates have pushed for as well as changes from a previous bill filed last year that passed the House but stalled in the Senate.
It comes on the heels of another bill to legalize marijuana that two Republican House members introduced a few weeks ago.
The Republican bill:
- Removes marijuana from the Controlled Substances Act.
- Gives banking protections for the industry.
- Grants military veterans access to state-legal marijuana programs.
- And expands research.
Now, we can expect Nadler’s bill to strip out a provision that prevents people with cannabis convictions from obtaining federal permits to operate cannabis businesses.
House members added that provision to the previous version on the floor, but it didn’t sit well with legalization advocates.
The new bill may expand financial help to those economically disadvantaged to include loans, programs and training from the Small Business Administration.
Again, this is Washington, D.C., and no plan is certain, but a bright spot is that the more bills filed in Congress, the more its leaders must pay attention to legislation.
We now see bipartisan efforts to legalize in the U.S.
Politically, the House isn’t the issue … it’s the Senate.
Democrats hold a slim one-vote margin in the chamber — as Vice President Harris casts a vote in the event of a tie — so marshaling a bill through the Senate takes a lot of finesse and compromise.
Polls Show Growing Bipartisan Support for Legalization
Just this week, a poll from Change Research interviewed voters in Arizona, Utah and West Virginia.
The bipartisan poll found overwhelming support for ending the federal prohibition of cannabis:
- Arizona (72% in favor).
- West Virginia (70% in favor).
- Utah (66% in favor).
From a business and investor side, all of this is encouraging.
As I mentioned last week, states are being proactive in getting legalization legislation on the table, and it’s time federal lawmakers followed that lead.
Once nationwide legalization passes, I’m convinced that this sector will explode in value and make investors a ton of money.
Our New, Exclusive YouTube Content
After a lot of hard work from the team, we will enhance the YouTube community we’ve built by creating a new membership community.
Before you ask, nothing that you see now will change — I’ll still bring you cannabis market insights each week.
We will, however, offer new exclusive content, including:
- Interviews with cannabis insiders.
- Blog posts and company breakdowns.
- Content related to our cannabis watchlist.
- A monthly live chat with me to talk stocks and markets.
Things are still in the works, but we are close to launching this new feature, so stay tuned to find out more.
That said, I want to thank all of you who watch our videos. We do it because we want to bring you the best insights into cannabis and investing.
Finally, one quick piece of news about a Money & Markets Cannabis Watchlist stock.
GrowGeneration Corp. Expansion
On Tuesday, GrowGeneration Corp. (NYSE: GRWG) announced it would acquire California-based hydroponic supplier The Harvest Company.
The terms of the deal are undisclosed.
The Harvest Company serves northern California growers in the Emerald Triangle — known as one of the largest cannabis-producing regions in the U.S.
The acquisition makes California the largest area for GrowGeneration to operate in the country.
I like the move and like that it puts GrowGeneration in the mix in the Emerald Triangle. This will be a boom to business after the dust settles.
Wall Street thinks so, too, as GrowGeneration stock popped 11% since Tuesday morning trading after the announcement.
Where to Find Us
Coming up this week, we’ll have more on The Bull & The Bear podcast and our Money & Markets Week Ahead, so stay tuned.
Don’t forget to check out our Ask Adam Anything video series, where we ask your questions to Chief Investment Strategist Adam O’Dell.
Green Zone Fortunes co-editor Charles Sizemore also has a weekly series called Investing With Charles, where he breaks down dividend investing each week.
Remember, you can email my team and me at firstname.lastname@example.org — or leave a comment on YouTube. We love to hear from you!
Research Analyst, Money & Markets
Matt Clark is the research analyst for Money & Markets. He’s the host of our podcast, The Bull & The Bear, as well as the Marijuana Market Update. Before joining the team, he spent 25 years as an investigative journalist and editor — covering everything from politics to business.