Summertime is downtime for a lot of occupations – and politics is no exception. That’s true of Capitol Hill, where Congress has adjourned for their August recess. And it’s true of state governments, too, where “prime time” is usually spring (when the annual legislative session is typically held).
But that’s not to say there are no new developments. For example…right now, a movement is quietly gathering steam in one southeastern state, and it’s not getting much attention in the usual media outlets. But it’s building a surprising trend: Florida could be on the verge of legalizing marijuana.
More often, when Florida makes the national news, it’s one of those bizarre stories involving a Florida man or woman, a gator attack, or maybe some kind of altercation at a Publix grocery store.
But this month, the Florida headlines show some positive momentum for pro-legalization advocates. And none other than Rolling Stone magazine had a big feature on it this week.
Now, like every state, Florida also has its anti-legalization advocates.
Back in the 1930s, when one Florida man committed a gruesome murder and the Tampa police scapegoated “marihuana cigarettes” for it, the case was used to push marijuana prohibition nationwide.
More recently, when voters were about to vote on a medical-marijuana ballot initiative in 2016, the Florida Sheriff’s Association lobbied against it. The billionaire founder and CEO of Las Vegas Sands (NYSE:LVS), Sheldon Adelson, also blocked previous medical-marijuana initiatives. Governor Ron DeSantis has been hesitant to back legalization as well.
But that may be starting to change. Florida has come a long way, thanks to advocates like Ricky Williams, former running back of the Miami Dolphins, who used marijuana to manage pain and still speaks at Florida cannabis conferences.
Medical marijuana was approved by Florida voters in 2016 — with 71% of the vote! — and in March, DeSantis signed a bill allowing patients to purchase smokable marijuana for their medical needs. The younger guard, such as U.S. Rep. Matt Gaetz, tend to lean pro-legalization. And the state of Florida’s only Democratic official, Agricultural Commissioner Nikki Fried, got there on a pro-legalization platform.
Now, Floridians may be considering full legalization on the 2020 ballot. A group called Regulate Florida have a potential pro-legalization referendum ready for judicial review… all they need now is the signatures.
Make It Legal Florida is the newest cannabis lobby group to hit the scene. On August 1, they registered as a political action committee (PAC) with Florida’s election bureaucrats, and named Nick Hansen as their chair. Hansen’s resume includes stints as a staffer in the Florida legislature, and new Southeast Director of Government Affairs for the California cannabis retailer MedMen (OTCMKTS:MMNFF).
I’m no big fan of MedMen. Its fundamentals are bleak, with the company operating at a loss far greater than its cash and equivalents. Even worse, its former CFO alleged insider enrichment without proper disclosure.
But I think MedMen is right to see opportunity in Florida — the company is about to open 11 more stores there — and it’s definitely not alone in that. Already, with only partial legalization, Florida is on track to control 10% of the U.S. legal cannabis market by 2025. According to Leafly’s 2019 Cannabis Jobs Report, Florida men and women are leading the pack — with 9,068 cannabis jobs added in 2018, and another 9,050 expected this year!
Most importantly… Florida is a major U.S. state, and would be a big “domino” to fall, paving the way to full, federal legalization.
Marijuana Legalization: My “Domino Theory” of Cannabis Investing
During the Cold War struggle between communism and capitalism, the term “domino theory” entered the American consciousness. As the theory goes, if one small country was allowed to fall to the communists, it was sure to tap the next “domino”… which would tap the next one… and so on.
While the Cold War is long over, the term “domino theory” lives on to this day. Any situation where seemingly small catalysts pave the way for larger events earns the label.
In the legal marijuana business, every few months, another domino falls in the direction of widespread marijuana legalization — and huge gains for us as investors. Thanks to the sea change in how people view marijuana, legalization all over the world is an unstoppable trend… and one of our “core” long-term themes at Investment Opportunities.
In January, I was about to head to the Benzinga Cannabis Capital Conference when I first recommended MTech Acquisition to subscribers. After spending time with their top executives at the conference, I knew it was an even better opportunity than I originally thought.
By June, MTech had merged with a tech company called MJ Freeway to become Akerna (NASDAQ:KERN) — and at Investment Opportunities, the new shares earned us a 153% profit… then a 546% profit! Not bad for less than five months held.
And today, I see a few OTHER big opportunities out there now.
Why I Like Penny Pot Stocks Ahead of Full Legalization
Penny stocks often get a bad rap. But they are actually critical to the global marketplace. The world needs tiny companies — just as much as bigger ones. They’re the job creators. The innovators. And they’re the places to look for the biggest gains once marijuana legalization occurs.
You just want to be VERY choosy about which ones you buy.
I use strict guidelines to pick penny stocks — and I tell you all about them in this presentation.
When I used my five-step evaluation process on the marijuana market, I identified four stocks that are worth buying now.
During my presentation, you’ll have the opportunity to secure a free copy of America’s Top 4 Marijuana Moonshot Stocks… I’ll even give you a fifth bonus name just for fun.
Matthew McCall left Wall Street to actually help investors — by getting them into the world’s biggest, most revolutionary trends BEFORE anyone else. The power of being “first” gave Matt’s readers the chance to bank +2,438% in Stamps.com (STMP), +1,523% in Ulta Beauty (ULTA) and +1,044% in Tesla (TSLA), just to name a few. Click here to see what Matt has up his sleeve now.