On March 31, New York fully legalized cannabis use for residents 21 and over, effective immediately.
This makes New York one of five Northeast states where cannabis is fully legal. And it’s another sign of the sweeping cannabis megatrend we’ve been writing about since 2019.
And as longtime readers know, this megatrend is creating incredible opportunities for investment in the sector.
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For example, in August 2020, Teeka Tiwari predicted the wave of legalization in the Northeast would create a domino effect. It’s a simple idea:
In November (2020), several states will vote on whether to change their cannabis laws. The biggest fish is New Jersey. If New Jersey votes to legalize cannabis, New York, Pennsylvania, and Connecticut will have to follow.
As more states legalize marijuana, it forces their neighbors to do the same. That’s because politicians can’t afford to see millions in potential tax revenue go elsewhere.
So the more states that legalize, the more pressure there is for others to follow… And as Teeka predicted, that’s exactly what happened in New York.
In 2016, Massachusetts legalized recreational use… followed by Vermont in 2017… and then New Jersey just last year. So with three of five neighboring states fully legal, New York Governor Andrew Cuomo – who’s previously shot down multiple efforts to legalize – finally caved.
The threat of lost revenue proved too great for the Empire State. And with legalization on the books, New York predicts it will see $350 million in additional tax revenue along with the creation of up to 60,000 new jobs.
It’s a huge win for New York, and an even bigger win for investors in the cannabis megatrend…
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The Domino Effect Is in Full Swing
Today, there are 16 states plus Washington, D.C. where medical and/or recreational cannabis is fully legal. And 12 additional states where it’s been decriminalized.
At the federal level, the Biden administration appears to be carrying on the laissez-faire approach of the previous administration.
For instance, President Biden’s pick for Attorney General, Merrick Garland, pledged – in writing – to respect state marijuana laws.
And even if we don’t see a push toward federal legalization, the potential for federal decriminalization is greater than ever.
We also need to consider the damage that COVID-19 has inflicted on state budgets nationwide… The economic toll of the pandemic makes the appeal of legalization – and its millions in guaranteed tax revenue – even greater to cash-strapped states.
And with giant states like Texas, Florida, and Pennsylvania still on the table for full legalization, the biggest potential profits of this megatrend are still on the horizon…
Any one of these catalysts would do enough to get our attention. Combined, they make us very excited about what’s ahead.
So as legalization starts rolling out in full force, we expect industry profits to explode even further…
We’re already seeing this positive momentum at work. As you can see below, despite its recent pullback, the Horizons Marijuana Life Sciences Index ETF (HMLSF) is up an eye-popping 123.5% over the past year:
And it’s no wonder why…
- Two-thirds of Americans favor legalization.
- Medical cannabis is legal in 36 states.
- Recreational cannabis is legal in 16 states, plus Washington, D.C.
- Six states have already notched over $1 billion in annual sales.
- Legal cannabis sales in Canada hit a record $2 billion just last year.
- Mexico is set to legalize cannabis use this year.
And add this to the list: Virginia (the 12th most populous state in the country) is trying to speed up its recently passed legalization measures to go live as soon as July… so with that, another massive domino falls.
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Massive Growth, Massive Interest
Legal cannabis sales are expected to grow to $84 billion by 2028 – an annual growth rate of 20%. That’s bigger than the entire North American professional sports market. And it’s growing faster than the U.S. pharmaceutical industry.
It’s rare to find an industry with that kind of growth potential. And right now, cannabis is attracting big money into the sector.
Recently, one of the largest cannabis producers in the U.S., Green Thumb Industries, quietly took a $100 million check from an anonymous institutional investor.
It’s not a story you’ll hear on CNBC or Bloomberg… It doesn’t fit the media’s narrative of cannabis stocks being a fringe investment.
But this huge influx of cash is a sign that the sector is maturing… and has even more room to run.
Institutional investors are the big players. These are pension funds with trillions of dollars… or elite family offices with hundreds of billions. They want to grow their money year in and year out.
And with the 20% annual growth projected over the next seven years – there’s no place other than cryptos with that type of upside potential.
It’s what Teeka calls the “perfect asymmetric bet” – in which you can bet a tiny grubstake to make life-changing gains.
So as legal cannabis sales continue to rise, we’ll see big players pump billions of dollars more into the sector. That cash will extend the rally in cannabis… and bring about even more opportunities for investors.
Like the crypto market’s second bull run, we expect the cannabis market to explode again… And the next cannabis bull market will make the previous one seem like chump change.
That’s because cannabis is moving from a fringe idea to mainstream acceptance… and it’ll likely be the last chance to get in before billions from institutional investors pour into the sector.
If you want to take advantage of this trend, consider a stake in HMLSF. It contains over 25 of the top cannabis companies, and it will continue to rise as this market takes off.
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