Following historic wins for cannabis, Americans ready for federal legalization

Following record-breaking and historic wins for the cannabis legalization movement during last week’s election, new survey results show that the country is ready to legalize the drug at the federal level fully. 

According to a press release from the National Cannabis Industry Association, a new Gallup poll shows that making marijuana legal has hit a record level of national support among Americans. As the NCIA noted in their statement, “the poll, which Gallup has conducted every year since 1969, shows 68% of Americans are in favor of legalization, a modest increase from last year but indicative of accelerating policy changes as more states regulate cannabis for adult or medical use.”

The full results of the poll can be found here.

“It should come as no surprise that support for making cannabis legal continues to climb as more states regulate the substance and voters are able to see the benefits of legal cannabis markets,” said Aaron Smith, co-founder, and chief executive officer of the National Cannabis Industry Association in a statement. 

He continued: “When more than two thirds of Americans support legalization and now more than one third live in legal states, we are quickly approaching a tipping point for cannabis policy. Federal lawmakers need to listen to their constituents and support sensible comprehensive reforms now.”

The poll did show slightly less than majority support among Republicans nationally. However, voters in red states such as Mississippi, Montana, and South Dakota approved medical cannabis referendums on Election Day last week. As the NCIA noted in their statement, “voters in Arizona and New Jersey also approved adult use measures on Tuesday in record numbers. The poll shows majority support among all age demographics, though older Americans trail younger age groups in support by significant margins.”

Cannabis is now legal in 15 states, the District of Columbia, and CNMI and Guam territories. Furthermore, 36 states and several territories have medical cannabis programs, making marijuana legal in one way or another in 47 states.

Cannabis stocks gain as Biden wins

After five long days, the country finally knows who won the 2020 presidential election. Voters spoke, and they gave Donald Trump the old heave-ho, electing Joseph R. Biden as the 46th president of the United States. 

According to a report on CNN, the news sent cannabis stocks soaring this week.

As CNN wrote, “Canopy Growth (CGC) surged 10 percent and Aurora Cannabis (ACB) jumped 20 percent after both reported higher-than-forecast sales and narrowing losses. Tilray (TLRY), which will report its results after the closing bell Monday, was also up 10 percent.”

"We believe the Biden win is an important step on the path to federal permissibility of cannabis in the U.S. market through decriminalization and descheduling," said Canopy CEO David Klein on a conference call with analysts, according to CNN.

"The results of the ballot initiatives clearly showcase that support for adult-use marijuana legalization extends across geographic and party lines and is supported by a majority of Americans. Legal marijuana is becoming the American norm," he continued. "This will likely increase pressure on Congress to pass major federal marijuana reform in the very near future."

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