In an unlikely turn of events, one of the most conservative marijuana states in the nation could boost marijuana stocks in 2020 with its push to fully legalize cannabis.
We're talking about Virginia - a state that has had some of the biggest restrictions on marijuana in the country.
However, with the nation's shifting perception on marijuana, Virginia is beginning to change its tune as well. A 2018 national Gallup poll revealed that two-thirds of Americans now support legalized marijuana.
Some of the changes in attitudes come from research showing that cannabinoids (cannabis plant derivatives) can help treat pain, anxiety, addiction, and even epilepsy.
So, it's not surprising that investors are looking for marijuana stocks to buy in for the coming year. Currently, 32 U.S. states and Washington, D.C., have legalized marijuana in one way or another.
And states will continue to legalize marijuana throughout 2020. In fact, a record number of states are pushing for some type of legalization in the coming year with various ballot measures.
Of course, while states continue to steadily chip away at legalization, it's only a matter of time before cannabis is legalized on the federal level.
Today, we want to talk about why Virginia has a good chance of pushing marijuana stocks even further with its efforts to legalize recreational cannabis.
One of the Most Conservative States Could Boost Marijuana Stocks in 2020
What many don't realize about Virginia is how restrictive the state is toward recreational products like alcohol and marijuana.
Virginia has no bars. Dedicated establishments that sell liquor are not legal in the state. Only full-service restaurants are permitted to sell alcohol.
Virginia's liquor stores are literally government-owned. Even then, that assumes the county you're in allows liquor sales. Ten of the state's counties have completely outlawed the sale of alcohol.
Plus, Virginia already has some restrictive laws in place for medical cannabis. There are only five licensed marijuana dispensaries in the entire state. And there are quite a few rules about who qualifies to use them.
That's what makes potential marijuana legalization in Virginia so impressive for cannabis stocks.
Shockingly, Virginia is now one of the states pushing for legalized cannabis for all adults. This is more than just talk, too. Organizers got together for a meeting in December 2019 to discuss their next steps in this ongoing process.
The implications of Virginia legalizing marijuana could be huge for cannabis stocks in 2020.
Even if you're not excited about this development, here's why you should be.
This Is Who Could Bring Marijuana Legalization to Virginia
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Many state-level marijuana legalization campaigns are organized by grassroots groups. These groups often help get the message out to voters and collect signatures. While this can be effective, having someone with connections and clout behind your efforts can make the whole process a lot easier.
This is what is happening in Virginia.
The chief architect of Virginia's drive to legalize pot is none other than the state's head law enforcement officer, Attorney General Mark Herring. This is a development that would never have happened a few short years ago, especially in a state like Virginia.
Attorney General Herring held a summit on this issue on Dec. 11, 2019. It included four panels of experts that discussed marijuana policy and outlined what cannabis legalization could look like in Virginia.
The all-day summit was convened by the Attorney General and members of a new General Assembly Cannabis Caucus that were tasked with exploring the best ways to remove marijuana possession penalties.
To do this, the members consulted with officials from states that have already legalized recreational cannabis.
Herring wants to give the governor of Virginia, Ralph Northam, the information he'll need to support any upcoming legislation in the state.
Gov. Northam already favors decriminalizing marijuana, too. But he's still on the fence when it comes to recreational cannabis. The Attorney General of Virginia would like to help change his opinion on the matter. And it appears that Herring is even going to throw his hat in the ring as the next governor of Virginia in 2021.
Herring is looking to build his case by letting state legislatures know what is happening in other marijuana-friendly states such as California, Michigan, and Colorado.
In fact, Virginia's neighbors aren't nearly as strict with their cannabis laws. It's now just a civil offense to possess or publicly use small amounts of cannabis in Maryland. D.C. residents can legally grow and possess small amounts of marijuana but can't legally buy it due to federal restrictions.
Virginia's voter sentiment toward recreational marijuana is also turning - whether the current governor likes it or not. The latest poll shows that 61% of residents support full legalization for adult use.
The state's legislature meets just 60 days each year, so it will be tough to get this though in 2020. However, it has a stronger chance of making it in 2021. This is particularly true if Herring runs on a platform of marijuana legalization.
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.