Even though a a Joe Biden presidency offers a rosier outlook for the US cannabis industry, a leading data expert doesn’t anticipate federal legalization in the immediate future.
“Even if they do a federal decriminalization, we don’t see there being federal legalization or an implementation of anything that would then create a sort of inter-state commerce,” Kacey Morrissey, New Frontier Data’s senior director, industry analytics, told the Investing News Network.
The expert said the growth of cannabis in the US will still be dependent on the state markets.
The industry was keen on this election not just for the potential for stronger reforms at the federal level, but because five states were looking to legalize the plant in some form.
Arizona, Mississippi, Montana, New Jersey and South Dakota asked voters to determine the future of their state cannabis programs. All five state measures were approved, which Morrissey said is another strong win for cannabis policy and an indication of the drug’s popularity regardless of political alignment.
“As far as an election year, 2020 is the most consequential election that we’ve seen for cannabis,” said Morrissey, who was speaking last Wednesday (November 5), before the election was officially called for Biden. The results of the state votes had been announced at that time.
The expert said that thanks to the positive state ballot results for cannabis, over 70 percent of the US population now lives in a territory with a legal cannabis framework. “Over a third of all Americans live in a legal adult market where they can now purchase recreational cannabis,” she said.
In the lead-up to election night, New Frontier Data published a report offering facts and figures about the significance of this election for the cannabis industry at large. It projected that if all state measures won their respective votes, the US market could see a combined revenue boost of US$3.3 billion by 2025.
“Given the latest state initiatives in play during this year’s elections, New Frontier Data expects their impact to reach far beyond 2021, further unfolding what we expect will be continued significant social, economic, and legislative reform expansion during this unprecedentedly disruptive COVID-19 pandemic,” Giadha DeCarcer, founder and CEO of New Frontier Data, said in the report.
Watch the video above to hear Morrissey’s full thoughts on the outlook for cannabis given the new US president. You can also click here for more cannabis videos on YouTube.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.