If there was a clear winner in this month’s election, it was cannabis. With strong majority support for ballot initiatives legalizing recreational cannabis in Arizona, Montana, New Jersey, and South Dakota, 15 states will now have adult-use programs. Mississippi and South Dakota also passed medical legalization measures bringing the number of states with some form of legal marijuana to 35.
The prospect of federal legalization, or federal recognition of state-level programs, however, is still unclear. A divided Congress could mean that the passage of bills that would help normalize the banking environment for cannabis, most notably the SAFE Banking Act, is unlikely in the near term, even under a Biden Administration.
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