The high-stakes race to legalize marijuana and psychedelics in America is accelerating. Last year, pot and psychedelics investments languished, due to the overall bear market. But that’s rapidly changing, as investment conditions turn bullish and the laws become more favorable.

U.S. sales of marijuana are projected to reach $72 billion annually by 2030. Meanwhile, more than 50 psychedelics companies have gone public so far in the U.S., with a collective valuation of more than $2 billion.

Below is my coast-to-coast analysis of salient news from the burgeoning field of psychotropics.

California. A bill to legalize the possession and use of certain psychedelics cleared the Senate Appropriations Committee on May 1, without a hearing after the chairman invoked an arcane rule to send it to the floor because it would exert only a minor fiscal impact.

The legislation, introduced by Sen. Scott Wiener (D), would legalize the “possession, preparation, obtaining, transfer, as specified, or transportation of” specific amounts of psilocybin, psilocyn, DMT, ibogaine and mescaline for personal or facilitated use. However, so-called synthetic psychedelics such as MDMA (aka Ecstasy) and LSD would not be legalized.

In addition to the legalization of personal possession, the bill also would establish “group counseling and community-based healing” involving these substances.

The bill stands a good chance of passage in both chambers of the state legislature and, if it does get passed, Gov. Gavin Newsom (D) is expected to sign it into law.

The Golden State is living up to its reputation as a cultural trend-setter. Today, cannabis is legal in California for both medicinal and recreational use.

In terms of psychedelics, the cities of Oakland, Santa Cruz, Arcata, and San Francisco already have made personal use and possession of certain psychedelics such as psilocybin (the psychoactive ingredient in magic mushrooms) their lowest law enforcement priority.

Colorado. The Colorado House of Representatives last weekend approved a Senate-passed bill to create regulatory infrastructure for legal psychedelics. The state legislature is working to combine the two measures and get a single bill passed before the end of the legislative session on May 6.

The two bills are similar and focus on guidelines for using psychedelic substances in licensed healing centers under the tutelage of health care professionals.

WATCH THIS VIDEO: New Study Shows Pot Curbs Opioid Addiction

In the November 2022 midterms, Colorado voters passed an initiative to decriminalize the use of psychedelics such as psilocybin.

Florida. As of April 28, pro-marijuana forces in the Sunshine State have collected nearly 850,000 signatures for a ballot initiative to legalize recreational marijuana, about 94% of what’s required to put the issue before voters next year.

Medical marijuana already is legal in Florida. If approved, the measure would change the state constitution to allow existing medical cannabis companies in the state to begin selling marijuana to all adults over 21.

Georgia. After years of delay, thousands of patients on Georgia’s medical cannabis registry will finally obtain legal access to needed pot treatments.

On April 27, the Georgia Access to Medical Cannabis Commission granted five dispensing licenses to two companies to begin selling THC-infused oil to patients on the registry.

The following tweet tells the story:

Commission Chair Sidney Johnson stated: “This is a milestone for the commission, and certainly for the certified patients who will be able to legally obtain medical cannabis very soon. They’ve waited a long time for this relief. The initial law was passed in 2015. It took four years to get legislation creating the commission, and now, four years later, we have created the regulatory infrastructure and are not far off from the day when licensees will open their doors for patients.”

Minnesota. The state Senate on April 28 passed legislation legalizing the possession, home-cultivation, retail production, and sale of cannabis for those age 21 or older. Provisions in the measure also provide for the automatic review and expungement of criminal convictions related to misdemeanor marijuana violations.

The House already approved a similar measure; the two bills now move to conference committee. Gov. Tim Walz (D) has vowed to sign the bill, which would make Minnesota the 23rd legal marijuana state.

Editor’s Note: As I’ve just explained, the stigma surrounding marijuana and psychedelics is fast disappearing. That’s why I’ve launched an investment service called Marijuana Profit Alert.

My publication Marijuana Profit Alert provides specific, actionable advice on the best investments in the psychotropic revolution. Visit this URL to learn more.

John Persinos is the editorial director of Investing Daily.

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