Today, talk of legalization knows no bounds. Connecticut, New York, New Jersey, and Pennsylvania have reportedly flirted with the idea of forming a "bloc" that will legalize adult-use marijuana at the same time and by imposing the same statutory scheme. Activists are pushing measures to put legalization on the ballot in 2020 in Arizona, Arkansas, Montana, and Oklahoma. On the heels of a successful constitutional referendum legalizing medical marijuana in Florida, petition gatherers had sought to put another constitutional referendum on the 2020 ballot, this time to legalize adult-use marijuana, but are reportedly now aiming for the 2022 ballot.
Each week brings another article about a multimillion-dollar public offering, merger, or acquisition. True, the industry has experienced some financial turbulence recently, but it is undeniable that there is a significant amount of money already invested in the marijuana industry and being produced by it. While thinking about these economic ups and downs, it is important to keep in mind that adult-use marijuana is still illegal at the federal level and in more than three-quarters of states.
But that reality is changing.
Bills have been introduced in Congress to legalize marijuana and to permit financial institutions to provide lending and banking services to marijuana businesses. Presidential candidates, including Sens. Bernie Sanders and Elizabeth Warren and Mayor Pete Buttigieg, have said that they would legalize marijuana if elected, and some political observers have speculated that President Trump is also open to the idea.