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Money Morning Director of Cannabis Investing Research Greg Miller says 2020 will be a critical year for the best marijuana stocks. Almost all of the presidential candidates for the coming year are in favor of marijuana legalization in 2020 on the federal level.
And it's no surprise why. Greg Miller says the current legal marijuana market is worth $10.8 billion. With full legalization of marijuana, it could "jump to over $300 billion practically overnight."
Plus, even some of the most anti-marijuana states have ended up reducing restrictions. Right now, medical marijuana is legal in 33 states, recreational marijuana is legal in 11 states, and Washington, D.C., has completely legal weed.
This trend is likely to continue through 2020, too. There are 10 states poised to legalize cannabis in one way or another in the coming year.
But we're going to look at one state that could become the biggest catalyst for marijuana legalization in 2020.
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The Largest Catalyst for Legal Cannabis Next Year
The state that could be the biggest catalyst for marijuana legalization in 2020 is Virginia. Several months ago, Greg Miller didn't see much potential in Virginia's marijuana market.
But a lot has changed for the "Old Dominion."
Currently, Virginia's policies on legal weed are some of the most restrictive in the nation. It's not just weed, either. That state doesn't allow bars in the way most of the world knows them either. In fact, businesses solely dedicated to serving alcohol are banned.
Of course, restaurants can serve beer. But it's so restrictive that these restaurants cannot let sales of alcohol go above 55% of their revenue totals, or else they'll lose their license.
Beyond that, liquor like scotch and vodka can only be bought at government-run stores.
But in spite of all this, it surprised us all when it legalized medical marijuana in mid-2019. While the state still has strict policies, Virginia now has five dispensaries.
And that's just the start for Virginia's push to legalize weed.
The Attorney General of the state, Mark Herring, is advocating for the legalization of weed in Virginia.
Herring put together a summit for mid-December 2019 to further discuss marijuana policy in the state. The purpose is to give Ralph Northam, the governor, the information needed to get behind legalization.
And it's not an unrealistic to think policies could continue to evolve in Virginia. The governor has supported marijuana decriminalization before. In 2019, for instance, he signed a bill to initiate a program for medical weed in the state.
But to date, he has not supported full legalization for adults.
Not only is the Attorney General looking to change the picture, but state voters are as well. An estimated 61% of voters favor the legalization of cannabis for recreational purposes. With the governor up for a new term in 2021, he'll need voter support, and marijuana legalization could be the perfect way of getting it.
Beyond that, Greg Miller thinks that more red states will jump in on the green gold rush as well in 2020. Virginia legalization could very likely help lead the way.
Virginia is one of the most conservative states regarding its position on cannabis. But in Nov. 2019, Virginia flipped from a red state to a blue state.
If it makes cannabis legal, it just shows that the marijuana market has immense room to grow.
Illinois Becomes the 11th State to Legalize Cannabis (Making More People Rich)
Cannabis laws are being reformed en masse: Illinois has not only become the 11th - and second largest - state to legalize marijuana, but the first to do so by way of state legislation.
That means the medical, personal, and economic benefits of "America's Green Gold Rush" are appealing to Republicans and Democrats alike.
One cannabis research executive is hailing Illinois the "Marijuana Mecca of the Midwest," a hallmark of the rising uncapped profit potential ahead.
Once the feds end cannabis prohibition nationwide, all bets will be off - demand will boost share prices through the roof. But you can still get in on the ground floor, just in time for what could be the windfall of the century.
Illinois is already housing some of our top picks in the industry, so a few of our favorite stocks could get yet another boost.