Midterm elections are less than a week away, and seven states are voting on what could become one of the biggest “gold rush” industries since – well – the gold rush.
We’re, of course, talking about the “green rush” of cannabis, which has the potential to make millionaires out of investors who sink even small amounts of money into tiny pot stocks.
It’s also bringing in massive amounts of cash for the states that have already legalized. In the first two years alone, Colorado brought in $70 million in tax revenue annually. In three years, that number exploded 250%. Colorado’s tax revenue on marijuana and marijuana products reached about $247 million in 2017.
Michigan could be looking at twice this revenue, because the state has a population twice the size of Colorado’s five million residents. And North Dakota, which houses 750,000 residents, would be looking at about a fifth of the revenue…Which is still $10 million.
And because it’s these numbers are just tax revenues, it would go directly towards improving schools, roads, and infrastructure for the state.
And that’s just the beginning.
The green gold rush is unstoppable, and could prove to be one of the most lucrative sectors in today’s markets – perhaps even in a lifetime. Right now, we stand at the gates of an opportunity that’s set to explode in value, and you’d be surprised who supports these once-controversial stocks.
The green wave is rising, and it’s garnering support from surprising advocates as it grows.
Politically, two states are shocking everyone by bringing marijuana to the ballot. Utah and Missouri will be deciding whether to legalize medical marijuana, and for historically conservative states, this is a big deal to the industry.
Think of it as an indicator of what’s to come. If these highly red states are ready to embrace marijuana, even as an alternative medicine, it won’t be long before other red states follow their lead. Even if it’s just medical… At first.
What’s even crazier about medical marijuana legalization, particularly with Utah, is who’s backing the bill – the Church of Jesus Christ of Latter-Day Saints.
Also known as the Mormon Church.
That’s right. The Mormon Church joined lawmakers and cannabis advocates to back a deal that would legalize medical marijuana early last month. While the Mormon religion prohibits the use of marijuana, the global leader of the church, Jack Gerard, said the community is “thrilled” to be part of a motion that would help to “alleviate human pain and suffering.”
It seems like mindsets are really starting to change when it comes to the legalization of marijuana. And it’s not just in the church.
Not one, but two Speakers of the House (one current, one former) has also endorsed the drug, especially for medical uses.
Congressman Paul Ryan stated last week that “it has been proven to work,” citing that is “helps reduce seizures” in patients who use the non-psychoactive cannabinoid CBD. He also disclosed that his mother-in-law used a synthetic version of the drug to help alleviate the pain while she was dying from melanoma and ovarian cancer.
Former Speaker of the House John Boehner also voiced his support behind marijuana. Just recently, he made headlines when he spoke at the first ever American Cannabis Summit. This summit, which was broadcast online, covered everything from medical and recreational uses and benefits to which companies to consider investing in – and much more.
If you’re heading to the polls next week in one of the states voting on cannabis, or just want to learn more, you can check it out here.
The Wall Street Insights & Indictments Team