One of the biggest milestones in the history of the cannabis industry was achieved last Friday. The U.S. House of Representatives voted overwhelmingly in support of a bill that would decriminalize marijuana at the federal level. This legislation would remove marijuana from the list of controlled substances and allow individual states to enforce their own laws related to cannabis.
Now that such a momentous moment has arrived, many investors are no doubt on the hunt for great stock picks. I think that there’s one marijuana stock to buy after the historic House vote to decriminalize marijuana. That stock is Innovative Industrial Properties (NYSE:IIPR).
Image source: Getty Images.
Historic but hollow
Before I explain why I like IIP so much, allow me to first provide some context about the recent House vote. It is without question a historic and significant step for supporters of marijuana legalization. It’s also almost certainly a hollow victory.
The next step for the bill passed by the House is to go to the Senate. Pretty much everyone on Capitol Hill expects the legislation to be dead on arrival.
For one thing, Senate Majority Leader Mitch McConnell personally decides which bills come…
