I’m calling 2:40 p.m. on November 7, 2018, the “Sessions’ bump.”
That’s the moment we learned that former Attorney General Jeff Sessions resigned.
Sessions has long served as Legal Cannabis Enemy No. 1 within the federal government, and this move potentially clears the way for national legalization.
Of course, national legalization is still a half-decade away or more, Sessions or not. At least that’s what former Speaker of the House John Boehner says.
At the state level… well, there’s another story.
On Tuesday, Election Day, voters in threestates passed legalization ballot initiatives.
In Missouri and Utah, voters made their states the 31st and 32nd to legalize medical marijuana.
And in Michigan, voters decided – with a 55% majority – to legalize adult-use recreational marijuana.
As the state with the second-biggest medical marijuana industry, this new marijuana reform cracks open a huge industry for Michigan. If we use Colorado’s industry as a reference point, we’re looking at $600 million in sales in the first year.
But here’s the thing: Colorado’s population is half the size of Michigan’s. With 10 million residents, Michigan is the 10th most populated state in the nation.
Which means Michigan’s market is potentially twice as big as Colorado’s. There’s a good chance it could easily break the $1 billion mark in sales… and that’s just in the first year.
Already, Michigan’s medical cannabis industry is second to only California’s. In May 2018, Michigan had about 269,553 medical cannabis patients – and that was six months ago. They raked in $633 million in sales in 2017, outselling the other 30 medical-only cannabis states.
North Dakota, on the other hand, disappointed on Tuesday by rejecting its proposed marijuana reform, which would have legalized recreational marijuana for adult use.
The thing is, the state’s tiny population is conservative, and its ballot initiative was needlessly permissive. Under the measure, there would be no limits on the amount of cannabis people could possess or grow, and had no rules whatsoever outlining legal sales.
Expect to see another – more sensible – bill in North Dakota in the future.
The big thing we’re celebrating with this election is the end of the liberal state’s monopoly on cannabis legalization. Typically red states like Missouri and Utah are embracing legalization, and we can expect others to follow their lead.
A nationwide push seems practically inevitable at this point.
When laws pass… stocks soar.
And federal legalization would be an awfully big law.
Now if you want a front-row seat to the legal cannabis revolution – complete with stock picks and real-time updates on laws, store openings, and the marijuana sector – I have a great opportunity for you.
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Cheers and good investing,
Michael A. Robinson