Now that the MORE Act passed the House and is likely to die on arrival in the Senate, beltway insiders and those interested in cannabis investing are shifting their attention to Chuck Schumer’s CAOA Act.
Though the MORE Act might not reach the 60 Senate votes necessary to surmount a filibuster, Schumer’s proposed bill has a chance of passing into law.
The Senate majority leader and Democrat from New York is pushing for cannabis legalization across the board rather than merely advancing an incremental measure.
As of now, it appears as though cannabis legislation is at a standstill, meaning there is no reason for cannabis investors to be overly-bullish on the industry’s future in the United States.
Though adding the 10 Senate Republican votes necessary to legalize recreational cannabis might not be realistic in the short-term, there is a good chance more Republicans will warm up to the prospect of cannabis legalization as time continues.
Cannabis industry analysts agree that the likely failure of the MORE Act in the Senate makes it that much more challenging to make a convincing case to add to cannabis investment positions through the spring.
The hope is that the seemingly inevitable federal legalization of recreational cannabis along with a reasonable tax rate will steer black market business toward legal operators at some point in the next year or two.
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