At the end of 2018, Canada fully legalized cannabis, nationwide, for both medical and recreational use. With the incoming Biden Administration, the US is expected to follow suit with Federal-level legalization, or at least formal decriminalization, sometime in the next four years. An exact timetable is impossible to predict; much will depend on the partisan makeup of Congress after the Georgia Senate runoff vote in early January.
For now, cannabis legalization in the US is something of a checkerboard. Most states have at least partial legalization, with only Idaho and Nebraska holding out. Eleven states have made cannabis fully legal for all adults; the remaining 37 states have some form of partial medical use, and even Nebraska has decriminalized the substance. Under Federal law, cannabis remains an illegal controlled substance.
Cantor analyst Pablo Zuanic recently met with several cannabis industry execs and came back with a few takeaways.
“[The] speakers believe that under a Biden WH and Republican-controlled Senate, banking reform would pass in early 2021 and would be included in a COVID relief package […] In general, both speakers believe measured progression in legislation is the best path at the federal level, and expect a version of the STATES act (making cannabis federally permissible) to pass the Senate post the next midterms (this could take place sooner in the…