The US Cannabis Sector Is Experiencing A Red Wave

It has been more than a decade since Colorado and Washington State approved legislation to legalize recreational cannabis. During the last decade the United States (US) cannabis industry has recorded major advancements and we believe the industry is nearing an inflection point.

We consider the number of conservative states with a legal cannabis market to be a compelling statistic. Today, we highlighted some of the conservative states that we find to be the most important when trying to understand how much the US industry has changed.

1. Florida – The state allows for the sale of medical cannabis and is one of the largest cannabis markets in the country. Over the next few years, we expect recreational cannabis to be legalized in Florida
2. Missouri – Last month, voters approved a measure that would legalize recreational cannabis in the state. Although not as large as Florida, Missouri is a conservative market and we consider the development to be significant
3. Alabama – In 2021, Alabama Governor Kay Ivey approved legislation to legalize medical cannabis.
4. Mississippi – Earlier this year, Governor Tate Reeves signed the Mississippi Medical Cannabis Act (SB 2095) and created a medical cannabis program in the state
5. West Virginia – Although it took several years for the state’s medical cannabis program to get up and running, we are seeing a significant increase in the number of dispensaries that are operational in West Virginia

Over the next few years, we expect to see additional conservative states pass legislation to legalize some form of cannabis. We are glad to see several red states jump on the cannabis bandwagon and will monitor how the trend continues in 2023 and beyond.

If you are interested in learning about companies that are levered to conservative cannabis markets, please send an email to support@technical420.com with the subject “Conservative Cannabis Markets” to be added to our distribution list.

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Michael Berger is Managing Partner of StoneBridge Partners, LLC and Founder of Technical420.com. Prior to entering the cannabis industry, Michael was an Equity Research Analyst at Raymond James Financial covering the Energy Sector. Michael has been featured in publications such as The Street, Bloomberg, US Money News, and hosts various cannabis events across North America.

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