Since the legalization of marijuana in a growing number of states and of hemp-derived CBD at the federal level, lawmakers have been hard pressed to keep pace with the explosive growth of the industry. However, with a number of potential sources for regulatory developments in both industries on the horizon, 2021 could be the year for greater legalization and regulatory clarity for marketing these products.
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What Financial Institutions Need to Know About Banking Legal Cannabis Companies
If you’re looking for a landslide in the 2020 elections, look no further than the undisputed winner—marijuana. In each of the ballot initiatives up for consideration, voters said yes to expanded liberalization in cannabis-related laws by undeniably wide margins. Voters from across the political spectrum in red and blue states alike approved medical and recreational cannabis laws, including the legalization of medical cannabis in Mississippi and South Dakota and the legalization of cannabis possession by adults in Arizona, Montana, New Jersey, and South Dakota. Legislatures will soon enact laws in conformance with these ballot initiatives. A total of 35 states and the District of Columbia have legalized marijuana for medical use, 15 of which allow adults to legally use the drug for recreational use as of November 2020.
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