Despite the Drug Enforcement Association (DEA’s) federally illicit status of marijuana as a Schedule I drug, the latest Pew Research Pole results revealed that 75% of American adults are in favor of marijuana legalization for medical and/or recreational use. More cannabis-friendly states than ever are vying to become legalized come 2021. In regard to these circumstances, David Feldman, partner at New York’s global law firm, Hiller P.C., told The Fresh Toast in an interview:
“The industry has found itself pandemic-resistant as cannabis has been treated as an essential business, allowing dispensaries to remain open and, in many cases, showing record sales during this tough period.”
Leading market experts of the day tend to agree that legalized states nationwide are bearing witness to a nonstop upsurge in sales. This June brought in sales of over $46.5 million to Illinois, where marijuana had become legalized only about six months prior on January 1 of 2020. Cannabis sales are projected to reach an unprecedented $15 billion dollars by the close of 2020. Contingent upon federal legalization, the industry is confident that a vast tidal wave of expansion could follow closely behind the end of this recession. Revenue potential for cannabis companies such as Curaleaf, Green Thumb Industries, and Cresco Labs would only continue to grow; Cronos Group Inc. (CRON Stock Report), one of the cannabis industry’s most popular stocks, has been rumored to possess the potential to experience as much as 120% in sales growth within the next year or so alone. The economy would also see an incredible impact – if marijuana were federally legal, we could see $100-$130 billion funneled back into the economy by the year 2024.
Speaking on his thoughts regarding the legalization of marijuana on the federal level recently, the former State Senator of New Hampshire, Brandon Phinney, remarked,
“Economically, legally, and socially, its the right thing to do.”