We’re a few weeks away until the nation decides on a new president and according to BofA analysts Bryan Spillane and Lisa Lewandowski, cannabis legalization would be the “major political issue,” following the U.S. presidential election.
“We don’t expect a debate on whether the U.S. will legalize cannabis on a federal level in all jurisdictions, but rather for the federal government to defer to states, with a federal framework,” the analysts said.
The analysts noted that certain issues would be clarified if the Congress and/or the White House moves “in favor of the Democrats.” They include:
Banking reform (the SAFE Banking Act)
Elimination of cannabis from Schedule 1 of the Controlled Substances Act
Resolution of conflicts between federal and state laws
Criminal Justice Reform
Access to cannabis for veterans
High-Profile Ballot Measures
Several states are deciding on seven ballot measures regarding marijuana.
Mississippi and South Dakota would decide on legalizing medical marijuana while Arizona, Montana, New Jersey, and South Dakota would vote on the recreational use of cannabis. Montana is poised to define a legal age for marijuana.
The BofA analysts believe that New Jersey and Arizona would be “the most important cannabis-related ballot measures to watch.”
If NJ voters pass the initiative, New York, Connecticut, Pennsylvania, and Rhode Island would gain “momentum to pass.”
Arizona’s ballot measure — if passed — would allow “5 contiguous Western states (>60mn people)” to “have full adult use legalization,” the analysts said.
“Mississippi shifting to medical use would build on other conservative states,” including Oklahoma, Arkansas, and Utah, which allow the medical use of cannabis, they disclosed.