Hey, Marijuana Stock Investors: This Senator Just Introduced a Bill That Completely Legalizes Weed
The legal=cannabis industry is on fire, and we only need to look as far as marijuana stocks for verification. Over the trailing one-year period, more than half of all pot stocks with a valuation in excess of $200 million have at least doubled in value.
Why are investors flocking to marijuana stocks? To begin with, Americans' perception of marijuana has shifted dramatically over the past two decades. In the mid-1990s, the War on Drugs was still ongoing, and just a quarter of the public wanted to see marijuana legalized on a national scale. However, since California became the first state to legalize medical cannabis for compassionate use in 1996, 28 other states have followed suit. We've also seen eight states legalize recreational, adult-use weed since 2012. According to Gallup, as of 2016, some 60% of respondents now favor legalizing marijuana nationwide. Pot proponents believe expansion is more likely, given that politicians who oppose cannabis threaten to be voted out of office if they don't change their views on the drug.
Image source: Getty Images.
Source: Fool.com
