On Tuesday, voters in Oklahoma overwhelmingly approved a ballot measure to become the 30th state to legalize medical marijuana.
The proposal will allow physicians to prescribe cannabis for any medical condition, making it one of the more liberal state medical marijuana laws thus far.
But what’s particularly noteworthy here is the measure passed, 57% to 43%, without significant support from drug policy reform groups, and in the face of a concerted oppositional ad campaign from law enforcement and Gov. Mary Fallin, Forbes said.
Now, the state government will use the next 30 days forming its own regulations and setting up a marketplace for future sales.
The fact that deeply conservative Oklahoma (population: 3.9 million) passed such a measure in a primary election season, when fewer younger or progressive voters tend to show up at the polls, proves my point that the nation is fast shifting its stance on marijuana. Nationwide, some 91% of voters support medical marijuana, according to a Quinnipiac University poll.
You may recall that on Monday, I told you how the U.S. Food and Drug Administration (FDA) approved the United Kingdom’s GW Pharmaceuticals’ (Nasdaq ADR: GWPH) cannabidiol (CBD) epilepsy drug, Epidiolex. That’s the first time the FDA has approved a cannabis-based drug in U.S. history, creating the template for pharmaceutical companies to try their hand at other cannabis-based treatments.
That all comes in the wake of Canada’s full legalization of marijuana last week, and with more than a dozen states deciding on legalization measures this year.
Even with the win for cannabis supporters – medical users and companies alike – the efforts there aren’t done yet…
Bolstered by the medical marijuana outcome, organizers are already trying to get two more legalization petitions on the November ballot.
One of these would legalize recreational marijuana, according to Isaac Caviness, leader of Green The Vote. And it would amend the state’s constitution so that lawmakers couldn’t gut the bill substantially if it passed.
Meanwhile, New Jersey (population: 9 million) lawmakers are ginning up a host of marijuana legalization bills for late in this legislative season.
A twofer bill sponsored by State Sen. Nicholas Scutari would expand the state’s existing medical marijuana law, as well as legalize recreational cannabis use for adults.
Scutari has a separate adult use bill, while Assemblyman Jamel Holley has his own adult legalization bill in the works. There’s two more medical marijuana program expansion bills under consideration as well.
And Gov. Phil Murphy has been outspoken in his support for marijuana reform legislation… including to members of my research team during his campaign in a meeting outside of Atlantic City last year.
Even Tennessee (population: 6.7 million) has renewed legalization efforts. Two Republican lawmakers, who have day jobs as practicing physicians, are pushing to implement a state medical marijuana program after hearing President Trump say he’d sign a federal law to allow states to decide the fate of their own marijuana laws.
Rep. Bryan Terry and Sen. Steve Dickerson are rejuvenating a past effort under the moniker the Tennessee Responsible Use of Medicinal Plants Act or the TRUMP Act, after the president, according to the Time Free Press.
As I’ve told you here before, when you look at investing in the sort of pot companies that are poised to grow along with the industry, the sort I show you here, you need to align your investments with what’s going on at the state level.
Now, the companies I’ve been researching for the past few months in anticipation of this year’s legislative moves could be poised for rare and exceptional gains. I’m talking about like what we witnessed in the last election year, 2016, after 20 pot stocks surged over 1,000%.
But make sure you strike soon – because the best cannabis stocks could surge at any moment, leaving those who waited on the sidelines frozen out of the greatest profit potential gains.
Have a great weekend.