The Trump administration is not exactly full of fans of legal cannabis.
Attorney General Jeff Sessions‘ opposition is well known. “Good people don’t smoke marijuana,” he said in April 2016, while still a senator from Alabama. And it’s only got worse from there.
Vice President Mike Pence signed a law during his time as Indiana governor that would land you with a $1,000 fine and up to six months’ jail time if found in possession of the drug. And you know he has the president’s ear.
That’s why what comes next is so shocking: President Donald Trump plans to back medical marijuana after the midterm elections.
Or at least that’s what U.S. Rep. Dana Rohrabacheris saying.
Rohrabacher, a longtime proponent of legalization, said in a recent interview on Fox Business that plans for a massive cannabis reform have been a hot topic of discussion among Trump’s inner circle. He’s talking the sort of reform that could end cannabis prohibition on a federal level.
“It could be as early as spring of 2019,” Rohrabacher claims.
Despite the hype, I’m not overly excited.
As much as I hate to do so, it’s worth quoting House Minority Leader Nancy Pelosi here.
“I don’t know where the president is on any of this,” she said recently. “So any decision about how we go forward would have to reflect where we can get the result.”
In other words, while medical marijuana seems to have majority support on both sides of the aisle, any sort of nationwide legalization is just talk so far.
Rumors – and little more than that.
However, while the windbags in Washington haggle over who-knows-what, Canada has its legislation in place and is only one day away from full legalization. On Oct. 17, dozens of adult-use, recreational dispensaries will open in several provinces – and nationwide online ordering will start up.
That’s why, instead of investing on hope here at home, savvy investors are looking north. In the next year, Canada’s cannabis markets are projected to swell up to $8.7 billion. And some analysts think they’ll quickly bust the $20 billion mark.
As we always say… When laws pass, stocks soar. And right now, no laws are passing in the United States – at least not on the national level.
But the clock is ticking. There’s less than 48 hours until this market opens up. By then, it could be too late to get in on the massive gains.
Cheers and good investing,
Michael A. Robinson