2021: The Least Eventful Year For Marijuana
Interesting...🧐 off the top of my head I can't say I agree. I might need to compare some things first lol. Check this out and let me know if you agree?
By Kris Krane
Dec 31, 2021
2021 was a nothing burger of a year for cannabis policy, regulation, and legislation. The year came in with the optimism of a giant hot air balloon and slowly but surely that optimism for change leaked out. By the end of the year, legalization supporters felt more like a helium balloon a week after a 5 year old’s birthday party.
For those of us who follow marijuana policy and the cannabis industry, 2021 kicked off with optimism at the positive changes to come. After all, for nearly a decade, state after state have legalized marijuana and implemented new legal cannabis markets. 2020 was a banner year at the state level, particularly during the November election when four states legalized by record numbers, including deep red states like Montana and South Dakota.
Surely, this overwhelming show of support at the ballot box would lead state legislatures around the country to get ahead of this clear political trend by passing their own legalization bills. Enthusiasm was especially high in the northeast and mid-Atlantic where states with long standing medical programs and at least semi-favorable political environments seemed poised to be the next in line to legalize.
Meanwhile during the pre-vaccine pandemic days of 2020, cannabis businesses and its workers were deemed essential in nearly every state with a legalization program and legal market. Amazingly, in much of the country cannabis went from being prohibited to essential in a matter of months. It stood to reason that other states looking to revive their struggling COVID economies would turn to cannabis legalization as a new source of revenue.
But most importantly, in January the Democrats swept control of the Presidency and both Houses of Congress, giving them unified control over Washington, DC for the first time since 2009. While President Biden has never been a marijuana reform supporter, nearly all other Democratic Party leaders in Washington, including House Speaker Nancy Pelosi, Senate Majority Leader Chuck Schumer and Vice President Kamala Harris were open advocates for legalization.
Investors in the cannabis industry took notice. At the start of 2021 publicly traded cannabis companies and multi-state operators saw major rebounds in the stock prices, which were still recovering from the industry wide crash of 2019. Most cannabis companies saw record high valuations at the start of the year.
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