Here's Why January 5th Could Be a Huge Day for Cannabis
Wednesday, 06 January 2021
In November, pot stocks soared on both a Joe Biden presidential win and the legalization of recreational marijuana in four more states (Arizona, Montana, New Jersey, and South Dakota). There's been plenty of optimism that there could be significant changes ahead for the cannabis industry, including the decriminalization of marijuana and moving it off its current Schedule I classification with the Drug Enforcement Administration (DEA).
But time and time again, cannabis investors have gotten their hopes up after marijuana legislation passed in the House of Representatives only for it to end up going nowhere. Even a change in leadership at the White House may not be enough to move the needle. Arguably, one of the biggest obstacles for the cannabis industry is the U.S. Senate -- but power there could soon shift as well.