In a piece aired over the weekend, CNBC summarized a number of looming positives for the marijuana industry, starting with the prospect that a Biden-Harris winning ticket could lead to “decriminalization of adult marijuana use, moderate postponement, federal medical legalization.” – even if it does not lead to full-scale “federal legalization”.
“Social justice reform,” the website argued, “is the strongest case for legalization at the federal and state levels,” and as Social Justice has become a popular movement this year, President Biden may well have felt that it has the authority to legitimatize marijuana at the governmental level.
This would allow states to choose how they regulate or not regulate the cultivation, sale and use of marijuana. And it’s no coincidence, as CNBC reports, “Many states have adult legalization initiatives on their November ballot papers.” New Jersey might be first in line, but then neighboring states, including Connecticut, New York, and Pennsylvania, might feel they need to legalize as well if New Jersey does so to avoid losing cannabis tax revenue.
“Overall, the industry is doing well,” says Chris Walsh, CEO of Marijuana Business Daily. The situation could get even better by next month.