Cannabis: America goes green

Cannabis is a growing industry

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In 2011, I stood outside grocery stores asking people to sign our petition to put legalized cannabis on the ballot in Colorado. In 2012, the people of Colorado chose to legalize cannabis and by 2014 the first stores were opening their doors to sell something that had been basically illegal since our grandparent’s age. President Obama chose not to push back on the states on the subject and sales proceeded.

The legalization of recreational use set off a domino effect around the nation as more and more states chose to legalize, especially once the tax figures began to roll in. In 2019, Illinois legalized cannabis for no other reason than the state needed the ready cash. Cannabis is a cash cow. States can levy taxes on the product and make plenty of money. Once Colorado started making hundreds of millions on Cannabis sales other states like South Dakota and Alaska decided to get in on the revenue.

This week we learned that many companies, short on workers after the pandemic, are relaxing their regulations on drug testing in the workplace to attract more workers who casual consume the product after hours. Unlike alcohol, drug tests can detect cannabis in a person’s system for up to a month. The biggest of these companies is Amazon who announced that it would end drug testing and review employees who had not been hired due to drug tests but also lobby the federal government for full legalization at the federal level.

Back in 2012, marijuana was still a cash business as credit card processors refused to take the transactions. Special credit unions were opened to store the money as regular banks were unsure if the federal government would crack down on them. For investors, there is a huge opportunity here. Cannabis stocks are difficult to invest in because of federal regulations but there are several Canadian companies that you can invest in to take advantage of the growth in Cannabis. Over the long term, any one of these Cannabis companies could be the major player in the market. American Cannabis companies may go public if Amazon’s lobbying efforts in congress get any traction.

For products, cannabis also offers a variety of new, sustainable products that can replace much of what we use in plastic today. As the world seeks to tackle climate change in greater ways, cannabis plants can be a big part of that. One day, hemp products could replace many plastic products. Cannabis uses less water than corn and in most climates two crops can be taken a season. Cannabis can be used as a fiber for clothing or even as a fuel. Cannabis is not just for its euphoric effects. It can be an important crop for the future of society.

What does this all mean for your money? It’s very simple. Marijuana is a new industry and there is much upside. As more states legalize and federal legalization is pending, sales of cannabis could skyrocket over the next several years as people embrace the popular plant. There is plenty of opportunity on the upside of this growing industry.