A Historic Day for Marijuana

The last time we discussed the nature of the marijuana industry, it was with a bearish outlook. $MJ is an ETF following the marijuana sector, and we said that it will probably go down as the year progressed, due to multiple marijuana companies burning cash just to keep afloat, barring any major marijuana events. Indeed it did slide over a matter of months, however today will most likely send it in the opposite direction for years to come. Today the House of Representatives passed a federal bill decriminalizing the cannabis and expunging any criminal records related to marijuana. This imaginably will lead to a lot of states easing up laws for marijuana both medicinally and recreationally, exactly what the industry needed. In the long run, MJ could see a return to its highs it saw in late 2018, when it sat at around 38 dollars during the boom of the marijuana sector.

-Darnel Shillingford

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