The words government and marijuana are not two that usually mix well. But with the way that the cannabis industry sits today, it seems as though they could begin to partner up. Marijuana legislation has shifted drastically in the past few years. With so many different laws going into place, it can be difficult to keep up with where the market is headed. It seems as though as we reflect on our current government, we may be in the friendliest time to like weed as has ever existed.
What the Congress Looks Like for Marijuana Reform
The current government we have now seems to be extremely friendly to the idea of legal cannabis. In the past few years, we have seen new hearings on the substance as well as referendums that have helped to shift the industry completely. The political director of NORML, Justin Strekal stated that “Congress has never moved this far, this fast on marijuana policy, period.”
Earlier in the month, Representative Earl Blumenauer from Oregon stated that the “long overdue efforts to reform our outdated cannabis laws are finally resonating in congress. Bills to address policy failures in cannabis banking, veterans access, decriminalization, and restorative justice have started moving through the legislative process.”
It’s clear that the time we live in is extremely friendly to cannabis. But this is not to say that we don’t have a long journey ahead of us. We currently stand with a large number of variables that need to be panned out in order for the industry to function on a high level.
Back in June, the House of Representatives voted for the first time on a 267-165 vote to approve a measure that would change the future of the industry. The measure states that the Department of Justice will not be able to spend money to intervene on individual statewide marijuana policies. This was a major breakthrough and continues to show how the public’s effort to shift the laws may just be working.
A Cannabis Stock to Consider for the Future
Innovative Industrial Properties (NYSE:IIPR) has remained a staple as far as marijuana stocks to watch. The company has made their business based off of the new legislation that has gone on in the past few years. As a REIT, they have seen much less volatility than some other players in the market.
This means that the company could just be the right choice for pot stock investors. For those who like more predictability, IIPR’s revenue stream has remained quite steady over the past year or so. The pot stock continues to illustrate just how legislation can help to make marijuana stocks flourish. For now, they definitely remain a cannabis stock to watch moving into the future.
All in all, the next few years in the world of marijuana seem to be quite positive. With so much changing so quickly, it seems as though now is more a time than ever to watch the industry. With pot stocks on the rise, and laws changing, the future continues to look bright for marijuana.