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Is Federal Cannabis Legislation Coming Soon?
Cannabis growth rates are exceeding expectations as cannabis sales hit nearly $13 Billion in 2019. According to the Marijuana Business Factbook, “With revenue of $10.6 billion-$13 billion in 2019, sales of legal adult-use and medical cannabis in the United States topped spending on sleep aids, hard seltzer and toothpaste combined.” As just one example, Pennsylvania’s medical cannabis market is expected to nearly double
to $400 million-$500 million in sales this year and hit over $1 billion over the next few years.
With all of this momentum, and a presidential election in November, federal cannabis legalization seems more possible. The U.S. could legalize cannabis at the federal level as in 2021 if Joe Biden wins the presidential election and Democrats take control of the Senate. Biden is less supportive of cannabis legalization than the Democrats, but if Biden wins, and the Democrats control the Senate, it could open the door to decriminalization and leave the question of legalization up to states.
Now is a great time to enter the cannabis market. Contact 3C
to discuss how to apply for a cannabis license in your state.
According to Curaleaf Holdings Inc. Chairman Boris Jordan “Biden will be under pressure from the left wing of the Democratic party to move cannabis forward because of the social justice issues,” as he recently told Bloomberg News. Additionally, states have been facing huge budget gaps from tax revenues lost due to coronavirus are also more likely to consider adult-use cannabis due to the tax benefits of creating a newly legalized industry.
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